Zurich: Swiss commodities trading and mining giant Glencore said today it had sold another stake in its agriculture business and would shift $3.6 billion in debt to the subsidiary. The sale of 9.99 per cent in Glencore Agri for $624.9 million in cash to British Columbia Investment Management Corporation follows the April sale of 40per cent to Canada Pension Plan Investment Board for $2.5 billion. Glencore said that at the closing of the transaction, following regulatory approvals and other conditions, some $3.6 billion of Glencore Agri’s debt that it had been carried by the parent company would be transferred to the agriculture subsidiary.
Glencore sells agri unit stake, shifts debt
Ccommodities trading and mining giant said it would shift $3.6 billion in debt to the subsidiary