Glencore sells agri-business stake to Canada pension fund for $2.5bn
Swiss commodities giant Glencore
Zurich - Arab Today
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Swiss commodities giant Glencore announced Wednesday it was selling a 40-percent stake in its vast agriculture business to the Canada Pension Plan Investment Board for $2.5 billion (2.2 billion euros), in cash. "The proceeds from the transaction will be used by Glencore to reduce net indebtedness," said the company, which is undergoing a dramatic restructuring to trim its towering debt. |
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