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Report: Glencore in talks to sell another 9.9% stake in agriculture unit

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Report: Glencore in talks to sell another 9.9% stake in agriculture unit

Glencore Plcis said to be in talks to sell another 9.9% stake in its agricultural business unitto potential suitors who missed out on the 40%stake sale to Canada Pension Plan Investment Board, or CPPIB, earlierin April, London's Financial Times reportedMay 6.

The Swiss commodity giant also discussed an option allowing CPPIBto buy another 20% stake but Glencore is selling only half of that interest in orderto keep control of the business, sources told FT.

The mining major refused to comment on the matter.

The sale of 9.9% interest is expected to fetch up to US$625 millionfor the company, which it will use to pay down debt. Glencore is seeking to reduceits net debt to under US$18 billion this year and to US$15 billion by the end of2017.

Earlier in May, the company was reportedly exploring its gold project in Kazakhstan,possibly for a price of as high as US$2 billion.