Commodities trader and miner Glencore PLC (LON:GLEN) has completed the sale of a 51% stake of its petrol storage and logistics businesses to HNA Innovation Finance.
Terms of the deal have been amended so that three of the assets included when the deal was originally announced in March will now be transferred in 2018.
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As a consequence, only US$579mln of the agreed price of US$775mln will be payable now with the remainder due once all of the assets are transferred.
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A new vehicle HG Storage International or HGSI has been set up to hold the assets and it intends to grow through both organic growth and acquisitions, said today’s statement.