NEW YORK, Dec 22 (Reuters) – Noble Group Ltd said on Tuesday it has agreed to sell its remaining 49 percent stake in its agribusiness to China’s state-owned COFCO International Ltd, exiting agricultural markets as the Asian commodity merchant seeks to slash debt and shore up cash.
The deal will give COFCO full ownership of Noble Agri, which handles everything from corn to sugar to cocoa after buying an initial 51 percent stake in April 2014.
Cash proceeds of $750 million will go toward paying off debt, exceeding Noble’s pledge last month to raise $500 million through asset sales and strategic transactions, it said.
