| Debt-burdened Glencore has entered early discussions with a number of sovereign wealth funds and commodities traders as it moves to offload a minority stake in its agricultural business, a division that owns more than 30,000ha of cropping land across NSW, Victoria and South Australia. Singapore’s sovereign wealth fund GIC and Japanese conglomerate Mitsui have already been linked to the sale process, which is being run by Citi and Credit Suisse.
The sale of a stake in the agricultural business, which would value the operation at as much as $US12 billion ($17bn), follows the announcement of an aggressive debt-reduction program by the Switzerland-based company. That program will include selling $US2.5bn of new shares, asset sales and a suspension of dividend payments, targeting $US10bn in debt reduction...............................................Full Article: Source
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