Glencore sells stake in storage business to China's HNA

摘要

Commodity trader and mining company Glencore said Friday it has agreed to sell a stake in its petroleum products storage and logistics business to China's HNA Group for $775 million. The transaction will result in a newly incorporated company, HG Storage International Ltd. which will have assets in Africa, Europe and the Americas. Under the deal, HNA Group will acquire a 51 equity interest, which is payable in cash upon closing, subject to customary closing adjustments.