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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Asciano Fpo | ASX:AIOCD | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From Jul 2019 to Jul 2024
By Maria Armental
Glencore PLC has agreed to sell a 9.99% stake in its agricultural business to a large Canadian pension fund as the commodities giant continues to cut its heavy debt burden.
In April, Glencore agreed to sell a 40% stake in the business to Canada Pension Plan Investment Board, Canada's largest pension fund, for $2.5 billion in cash. At the time, Glencore had reserved a right to sell an additional 20% stake.
The latest deal, valued at $624.9 million, involves British Columbia Investment Management Corp., which is also part of an investment group that has made a bid for Australian rail-and-port operator Asciano Ltd.
Under the terms of the deal, British Columbia Investment Management would have the right to appoint a director to the unit's board.
Glencore, which would retain a 50.01% stake, said it would also take off its books about $3.6 billion of the unit's debt.
Switzerland-based Glencore is the world's third-largest diversified mining company by market value.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
June 08, 2016 20:35 ET (00:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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