Canada Pension Plan Investment Board and state-owned Saudi Agricultural and Livestock Investment Co are among the lead bidders for a minority stake in the agriculture unit of Glencore Plc, Bloomberg reported on Friday.
The firms are presenting final bids for the unit this month and Glencore is open to selling stakes to more than one party, Bloomberg reported, citing people with knowledge of the matter.
Glencore aims to slash net debt to between US$17 billion and US$18 billion by the end of 2016, US$1 billion more than previously planned, by offloading more assets amid a prolonged commodities rout.
Glencore declined to comment. CPPIB and Saudi Agricultural and Livestock Investment Co were not immediately available for comment.
Update: Based in Baar, Switzerland, Glencore is an integrated commodity producer and marketer that operates worldwide. The company bought Canadian grain handler Viterra Inc for $6.1 billion in 2012.
(Reporting by Arathy S Nair in Bengaluru)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo courtesy of Reuters/Arnd Wiegmann