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Glencore in talks to sell agri-business stake to Canada pension fund: WSJ

AFP
Swiss commodities giant Glencore is negotiating to sell a stake in its vast agricultural business to the Canada Pension Plan Investment Board

Swiss commodities giant Glencore is negotiating to sell a stake in its vast agricultural business to the Canada Pension Plan Investment Board, the Wall Street Journal said Tuesday.

CPPIB is reportedly willing to pay as much as US$2.4 billion for a 40 percent stake in the business, with the proceeds going to pay down Glencore's massive debt.

A deal could be announced this week, the newspaper said, citing sources close to the deal.

Neither the company nor the pension fund would comment on the report.