Reading Time: 2 minutes The investment firm for British Columbia’s public-sector pension funds is set to buy just under 10 per cent of the agricultural arm of commodities firm Glencore. Swiss-based Glencore announced Thursday it has a “definitive” deal to sell 9.99 per cent of its “Glencore Agri” business for US$624.9 million cash to the B.C. Investment Management Corp. […] Read more
B.C. pension funds to get piece of Glencore ag unit
Glencore in talks to sell further stake in ag unit
Reading Time: 2 minutes London | Reuters — Commodity trader and miner Glencore is in talks to sell a further 9.9 per cent stake in its agricultural unit, negotiating with bidders that missed out on the 40 per cent sold to the Canada Pension Plan Investment Board (CPPIB), two sources with knowledge of the matter said. Glencore, whose ag […] Read more
China may pay more for canola if standard changes
Reading Time: 2 minutes Winnipeg | Reuters –– Richardson International, one of Canada’s two largest grain handlers, may raise the price of canola shipments to China to reflect Beijing’s costly higher standard, its CEO said Thursday. The Chinese Embassy in Ottawa said in March that China had delayed to Sept. 1 its new standard for no more than one per […] Read more
Glencore sells 40 per cent of agribusiness to CPP
Reading Time: 2 minutes London | Reuters –– Commodity miner and trader Glencore has agreed to sell 40 per cent of its agricultural unit to Canada’s state pension fund for US$2.5 billion, the company’s latest step to cut debt and soothe investor concerns about the impact of weak commodity prices. The sale values the agricultural unit as a whole […] Read more
CPP reported in talks for stake in Glencore agribusiness
Reading Time: < 1 minute Reuters — Commodity trading and mining firm Glencore is in advanced talks to sell a stake in its agricultural business to the Canada Pension Plan Investment Board (CPPIB), the Wall Street Journal reported, citing people familiar with the matter. The CPPIB would take a stake of up to 40 per cent, valuing the business at […] Read more
Glencore to cut more debt as 2015 profit falls
Reading Time: 2 minutes London | Reuters — Glencore stepped up its debt reduction plan on Tuesday by promising to offload more assets to shore up its finances to cope with a commodities rout that wiped around a third off its 2015 profit. The Swiss mining and trading house, whose agricultural arm includes Canadian grain handling giant Viterra, aims […] Read more
An open market is still a work in progress
A truly open market requires transparency of information, but the veil is still being lifted
Reading Time: 5 minutes When the Canadian Wheat Board lost its monopoly in 2012, Blair Rutter predicted that it would take 10 years to adjust to an open market system. “Moving from a centrally planned system to a market economy, it takes a while,” the executive director at the Western Canadian Wheat Growers Association said in an interview. “We […] Read more
Ex-Legumex crush plant gets new owners, supply deal
Reading Time: 3 minutes Canada’s top grain handler is set to start feeding canola to a U.S. West Coast crushing plant now half-owned by the Prairie company’s parent firm. Regina-based Viterra, the grain handling arm of multinational commodity firm Glencore, on Tuesday announced a supply and marketing deal with Pacific Coast Canola (PCC), a next-to-new crush plant at Warden, Wash., […] Read more
Glencore shares jump on debt reduction moves, spending cuts
Reading Time: 3 minutes Johannesburg | Reuters –– Glencore has increased its debt reduction target and deepened its capital spending cuts, stepping up its response to lower commodity prices and boosting its battered shares by 12 per cent on Thursday. The mining and commodities trading firm and owner of Canadian grain handler Viterra said it was targeting net debt […] Read more
Not much interest in Glencore ag assets at grain firm G3
Reading Time: 2 minutes Winnipeg | Reuters –– Grain handler G3 Canada, a joint venture between a Saudi Arabian firm and Bunge Ltd., doesn’t have much interest in bidding for a stake in rival Glencore’s agricultural business, its chief executive said Tuesday. Swiss-based Glencore, the trader and miner whose shares have been battered by the commodities slump, is looking […] Read more
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