Cham, Switzerland — Miner and trader Glencore was looking to expand its agriculture business via its partnership with two Canadian funds, the company’s CEO said on Wednesday, but has no plans to move into any commodities it does not already trade. CEO Ivan Glasenberg was speaking a day after US grains trader Bunge said it was not in talks with Glencore, while Glencore said it had made an informal approach to discuss "a possible consensual business combination". "Agriculture has always been our strategy," Glasenberg told shareholders at the annual general meeting in Cham, near Zug in Switzerland where Glencore has its headquarters. Glencore, which became a major international grain trader through its takeover of Canadian-based Viterra in 2012, sold 50% of its agriculture business in 2016 to two Canadian investment funds, the Canada Pension Plan Investment Board (CPPIB) and British Columbia Investment Management Corp (bcIMC). The disposal took place when Glencore was rebuilding its ba...
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