GLENCORE has sold another chunk of its agriculture division to a Canadian superannuation company.
Glencore, which owns South Australian grain company Viterra, announced last week it would sell a 9.99 per cent stake of its Agri division to British Columbia Investment Management Corporation for $US625 billion.
New deal: Owner of Viterra, Glencore has sold another part of its agri division, which includes Viterra’s storage network.
In April, Glencore agreed to sell a 40 per cent stake in the business to Canada’s largest superannuation company Canada Pension Plan Investment Board for $US2.5 billion.
At the time, Glencore had reserved a right to sell an additional 20 per cent stake.
The stake acquired by British Columbia Investment Management Corporation, Canada’s fourth-largest pension fund, leaves Glencore with a 50.01 per cent share in its agriculture division.
Glencore Agri will continue to be run by the existing management team, but BCIMC will be allowed to appoint a director to the board of the agriculture company. And according to Glencore, the Canadian company “will be granted certain reserved matter rights consistent with its shareholding”.