CPP, Saudi firm are lead players in bid for Glencore
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Viterra, whose Outer Harbour terminal in Adelaide, Australia is shown here, has been part of Glencore's stable of ag assets since late 2012. (Glencore.com)
Bengaluru/Reuters – Canada Pension Plan Investment Board and state-owned Saudi Agricultural and Livestock Investment Co are among the lead bidders for a minority stake in the agriculture unit of Glencore Plc, Bloomberg reported on Friday.
The firms are presenting final bids for the unit this month and Glencore is open to selling stakes to more than one party, Bloomberg reported, citing people with knowledge of the matter.
Glencore aims to slash net debt to $17-$18 billion by the end of 2016, $1 billion more than previously planned, by offloading more assets amid a prolonged commodities rout.
Glencore declined to comment. Canada Pension Plan Investment Board and Saudi Agricultural and Livestock Investment Co were not immediately available for comment.
