Glencore announced Wednesday the sale of a 40% stake of their agribusiness to the Canada Pension Plan Investment Board (CPPIB).

The sale, valued at $2.5 billion, signals the beginning of a long-term partnership between Glencore Agri and CPPIB.

Commenting on the Transaction, Chris Mahoney, CEO of Glencore Agri, said:

“This is an important day in the evolution of Glencore Agri, and we look forward to working with CPPIB to continue to build the Glencore Agri business over the long-term. With the investment potential created by this partnership, and given the existing network of high-quality origination, logistics and port assets in key export regions, the business is now well-placed to take advantage of the significant opportunities that are expected to emerge across the sector in the coming years.”

Read the full press release at Glencore.com

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