Glencore to sell grain unit to Cargill

5th Aug 2013 07:13

Mining and marketing giant Glencore Xstrata is to sell its grain-handling unit Joe White Maltings to US firm Cargill.Cargill, which produces and markets food, agricultural, financial and industrial products, is to get its hands on the largest manufacturer of grain in Australia, which produces over 550,000 tones every year.The division was originally purchased through Glencore's $5.9bn acquisition of Canadian agricultural firm Viterra last year."The sale is subject to standard regulatory approvals and satisfaction of other customary closing conditions and is expected to close by the end of Q4," the company said.Glencore Xstrata did not reveal the price of the disposal.BC