Glencore eyes ag unit change

Glencore, the global commodities conglomerate that owns Viterra, is considering an initial public offering for its agricultural trading business, Bloomberg reports.

The slowdown in commodities has punished Glencore’s balance sheet, and the company wants to reduce its net debt by one-third to $18 to$19 billion by the end of 2016. Selling part of its agricultural holdings is one way to do that.

The company plans to sign deals regarding its agriculture business by the first half of 2016.

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