Glencore Agri sale queried by competition regulator

Skip to:
Article

The Australian Competition and Consumer Commission (ACCC) has raised concerns over Glencore’s proposed sale of a 40% stake in Glencore Agri to Canada Pension Plan Investment Board.

The ACCC is concerned about the control CPPIB will have over the agri freight rail transport sector given a combination of the Glencore Agri stake and CPPIB’s interest in the Pacific National rail network: Pacific National controls 75% of all grain transported by rail on the east coast of Australia.

The $2.5 billion sale is an important one for Glencore if it is to meet its target of reducing debt from $18 billion to $7 billion by the end of the year. It has also agreed a sale of a 9.99% stake in Glencore Agri to the British Columbia Investment Management Corporation.

Related analytics

Transaction Name Stage Est. Value
Petrobras/$400 million/0418 Financial close 400.00
Occidental Petroleum/$3 billion/0318 Financial close 3000.00
Aurelia Metals/AUD120 million/0218 Financial close 94.13
ONGC/INR244 billion/0118 Financial close 3993.46
Reliance Industries/$800 million/0118 Financial close 800.00
No data available
More transactions

Trade Finance on Twitter