Commodities giant Noble Group has outlined a sweeping restructuring plan as it warned investors to brace for a $1.8bn (£1.38bn) loss in its second quarter.
Singapore-listed Noble, which ships raw materials such as oil, gas, metals and minerals to high-growth markets in Asia and the Middle East, will sell off its US gas and power business to its rival, Swiss trading house Mercuria, for $248m. It will also team up with Mercuria to explore strategic alliances in Asia.
Noble also revealed plans to offload its oil liquids business, raise up to $1bn from selling other North American assets, and slash its headcount from 900 to 400 in a bid to save cash.
The restructuring comes as Noble warned it would make a net loss of up to $1.8bn in the…
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