London — After striking deals in Russian oil and Congolese copper mining, Glencore has set its sights on the US grain-trading industry. The company sold half of its agriculture division to two Canadian pension funds for $3.1bn last year to fund an aggressive debt-reduction plan. Now, with cash levels rebounding and support from new partners for acquisitions, the Swiss trader is planning to enter the US market. "We want to grow in agriculture," CEO Ivan Glasenberg told Bloomberg News on Thursday after reporting better than expected annual results and lower debt. "We want to fill a gap in the US" Glencore shares fell 4.5% to R52.70 on the JSE on Friday. Glencore is looking at multiple options, including buying US assets such as export terminals and inland silos, or acquiring a complete business, according to people familiar with the matter, who asked not to be identified because the internal deliberations were private. Gavilon Group, a grain merchant owned by Marubeni Corporation, wou...
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