Commodity miner and trader Glencore has agreed to sell 40% of its agricultural unit to Canada’s state pension fund for $2.5 billion, the company’s latest step to cut debt and soothe investor concerns about the impact of weak commodity prices.
The sale values the agricultural unit as a whole at close to the initially expected $10 billion, including $0.6 billion in debt and $2.5 billion in inventories, and comes after Glencore GLNCY -0.75% said last month it was stepping up its debt reduction plan by unloading more assets.
