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Marubeni gets $3 bln from Gavilon grain business sale

Mount Equity Group Tokyo Japan > News > Business > Marubeni gets $3 bln from Gavilon grain business sale

TOKYO, Oct 4 (Reuters) – Japanese trading company Marubeni Corp (8002.T) said on Tuesday it had so far received $3 billion from the sale of U.S. unit Gavilon’s grain business to commodities trader Glencore Plc’s (GLEN.L) Viterra arm.

Under the deal, which was announced in January and completed on Monday, Marubeni had received $3 billion by Oct. 3, including group finance from Marubeni to Gavilon, based on the best estimate at the time of closing. read more

The sale price will be finalised based on net trade working capital and net debt among other factors on the closing date agreed with Viterra, Marubeni said in a statement.

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In January, Marubeni said it expected to receive a total of 300 billion yen to 400 billion yen ($2.1 billion to $2.8 billion) through the deal.

Marubeni expects to book an estimated gain of about 55 billion yen ($379.7 million) from the sale in the…

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