April 5 (Reuters) – Miner and commodity trader Glencore Plc is in advanced talks to sell a stake in its agricultural business to Canada Pension Plan Investment Board (CPPIB), the Wall Street Journal reported, citing people familiar with the matter.
CPPIB would take a stake of up to 40 percent, valuing the business at about $6 billion, the Journal reported on Tuesday, citing a source. (http://on.wsj.com/1RLHR1j)
Glencore and CPPIB declined to comment.
The Swiss trading giant had said last month it would offload more assets to shore up its finances to cope with a commodities rout and to cut down its debt.
The Canadian pension fund likely won an auction Glencore has been running, and a deal could be announced as early as this week, the Journal reported.
