April 5, 2016 / 4:12 PM / 2 years ago

Glencore in talks to sell stake in agri business to CPPIB - WSJ

April 5 (Reuters) - Miner and commodity trader Glencore Plc is in advanced talks to sell a stake in its agricultural business to Canada Pension Plan Investment Board (CPPIB), the Wall Street Journal reported, citing people familiar with the matter.

CPPIB would take a stake of up to 40 percent, valuing the business at about $6 billion, the Journal reported on Tuesday, citing a source. (on.wsj.com/1RLHR1j)

Glencore and CPPIB declined to comment.

The Swiss trading giant had said last month it would offload more assets to shore up its finances to cope with a commodities rout and to cut down its debt.

The Canadian pension fund likely won an auction Glencore has been running, and a deal could be announced as early as this week, the Journal reported. (Reporting by Amrutha Gayathri in Bengaluru, Eric Onstad in London and Matt Scuffham in Toronto; Editing by Shounak Dasgupta)

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