LONDON, March 31 Swiss-based trading and mining
giant Glencore has agreed to sell a 51 percent stake in
its oil products and logistics business for $775 million to
China's HNA Innovation Finance Group Ltd, the company said on
Reuters earlier exclusively reported that Glencore was in
talks to sell a bundle of its global oil storage stakes,
following similar moves by rivals as a boom period for storage
shows signs of nearing to an end.
Glencore said the deal was expected to close in the second
half of 2017 and that the transaction would result in a new
company called HG Storage International Ltd with a presence
across Europe, Africa and the Americas.
Dutch bank ING was the sell-side adviser to the deal, a
spokeswoman for the bank said.
(Reporting By Julia Payne, editing by David Evans)