April 6 (Reuters) - Glencore Plc GLEN.L :
* Sale of 40 pct stake in Glencore Agri to CPPIB
* Has entered into a definitive agreement with Canada
Pension Plan Investment Board for purchase by a wholly owned
subsidiary of CPPIB of a 40 pct equity interest in Glencore
Agricultural Products
* Transaction values 100 pct of equity in Glencore Agri at
$6.25 billion.
* For an aggregate consideration of $2.5 billion payable in
cash upon closing, subject to customary working capital closing
adjustments
* Proceeds from transaction will be used by Glencore to
reduce net indebtedness.
* Transaction is subject to customary regulatory approvals
and closing conditions and is expected to close during second
half of 2016
* Upon closing, Glencore Agri will be governed by its own
board of directors
* Barclays (LON:BARC), Citi and Credit Suisse (SIX:CSGN) acted as joint financial
advisers to Glencore. Linklaters Llp provided legal advice to
glencore
* CPPIB shall have right to appoint two directors to board
of Glencore Agri alongside two Glencore-appointed directors and
ceo, Chris Mahoney
Source text for Eikon: ID:nRSF3158Ua
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