CPPIB and SALIC buying glencore grain unit

[bucket]

Any thoughts. Anyone.

Soon we should all be wearing sheets.

[TOM4CWB]

CPPIB, Saudi firm said to lead Glencore unit bids
JAVIER BLAS, DINESH NAIR AND SCOTT DEVEAU
Bloomberg News
Published Friday, Mar. 04, 2016 8:18AM EST
Last updated Friday, Mar. 04, 2016 8:19AM EST

Canada Pension Plan Investment Board and state-owned Saudi Agricultural and Livestock Investment Co. are among lead bidders for a minority stake in Glencore PLC’s agriculture unit, according to people with knowledge of the matter.

The companies are presenting final bids for the unit this month, the people said, asking not to be identified as the information is private. Glencore is open to selling stakes to more than one party, the people said. No final agreements have been reached, they said. Citigroup Inc. has valued the entire unit at about $10.5-billion.

The sale is part of a company-wide debt-cutting program that Glencore Chief Executive Officer Ivan Glasenberg announced in September. The company has said it’s seeking to complete the sale in the first half of this year. The Swiss mining and natural resources firm’s shares have gained more than 60 per cent this year, recovering from investor concerns about a rout in commodity prices and its ability to pay down a $30-billion debt load.


Glencore has already scrapped the dividend, closed mines and sold $2.5-billion of shares. After reporting a 69 per cent slump in profit this week, the company pledged to bring its net debt as low as $17-billion, $1-billion less than previously stated, and to raise as much as $5-billion from selling assets. It reported net debt of $25.9-billion as of Dec. 31.

Glencore became a major agriculture player when it agreed to buy Canadian grain handler Viterra Inc. for $6.1-billion (Canadian) in 2012.

Spokesmen for CPPIB and Glencore declined to comment. A representative for Saudi Agricultural didn’t immediately respond to a request for comment outside of normal business hours.

[TOM4CWB]

Since the various public and private Canadian pension funds hold nearly 1T$ in assets... I would suggest this could be a great investment in the Canadian economy... at a time of stress when the buying is good.

PM Justin and gov in Ottawa... this would/could be a stoke of genius... outside the box way to make Canada stronger!

Cheers!

[bucket]

So tom .... you believe in state owned graincos now.

That's quite a turn.


Funny... farmers were not suppose to own a grainco but suits are on behalf of all taxpayers.

[ajl]

Kind of ironic replacing a state owned grain co. with a state owned grain co.

[parsley]

Dear Agri-villers,

Glencore should not be selling shares to Saudi Arabia, nor should farmers be complacent or positive about such a transaction.

Saudi Arabia is a major funder of Islamic terrorist groups in the world. Saudi Arabia is the main funder of the doctrine of Islam in the entire world, and well as the legislative body of Islamic doctrine, also known as Sharia Law. The entire country of Saudi Arabia operates under Sharia Law, which aggressively both legalizes and funds jihad, the subjugation of women, terrorism, honour killings and killing infidels.

Sharia Law does not respect the Rule of Law. In fact, the Islamic doctrine that is still taught today, in 2016, follows the Prophet Mohammed's Last Will and Testament

One particular Surah, (similar to a verse), clearly show us what kind of business partner Saudi Arabia would be to farmers:

"No agreements are valid with idolaters (which includes Jews and Christians as explained in 9:30).

No agreements.

Make no mistake. Western Canadian farmers are viewed as idolators. You will not be viewed as a business person, but you a are viewed as an idolator.

Farm organizations should be lobbying Glencore to persuade them to avoid selling shares to Saudi Arabia at all costs. Individual farmers should lobby their organizations, their MP's and the provincial and Federal govts to stop any additional share transfer to Saudi Arabia.

Saudi Arabia cannot be trusted. Parsley.

[wmoebis]

Thank You Parsley I agree. If there is an opportunity in Canadian AG we Canadian farmers should have first chance at it.

I do hope you sent this same letter to Ritz when he gave the CWB to Saudi. But obviously he didn't hear you or give a dam.

[parsley]

The letter I sent to Minister Ritz had a defined edge to it; one that even he would understand was critical. Pars