Glencore Plcs $2.5 billion agriculture deal is another milestone to solving Chief Executive Officer Ivan Glasenbergs biggest problem last year — reducing a mountain of debt.
Canadas biggest pension fund will buy a 40 percent stake in the agriculture business and Glencore said it may sell an additional 20 percent, which could be worth $1.25 billion based on Wednesdays deal. Other transactions are in the works, including the sale of two small copper mines and Australian coal and rail assets.
The latest deal shows continued asset disposals as promised, but perhaps a lower price than hoped, Marc Elliott, a mining analyst at Investec Plc in London. His September research note on Glencores debt helped send the shares plunging 29 percent in o…
Read the full article at: http://www.bloomberg.com/news/articles/2016-04-06/glencore-debt-burden-shrinks-with-deals-from-agriculture-to-gold