TOKYO -- Marubeni will sell U.S. grain unit Gavilon to a Dutch unit of global resource giant Glencore, the Japanese trading house said Wednesday, as it shifts focus to other food and agriculture operations such as fertilizer.
Marubeni aims to unload all shares to Glencore's Dutch unit, Viterra, during the fiscal year ending March 2023 after transferring some of Gavilon's operations to a subsidiary. It expects to recoup 300 billion yen to 400 billion yen ($2.63 billion to $3.51 billion) from the deal, including loans to the unit, with tens of billions of yen in capital gains to be booked during that fiscal year.
