(Ecofin Agency) - Swiss group Glencore is in talks to sell 9.9% in its agricultural unit. The move comes few weeks after the group sold 40% stake in its activities to Canadian pension fund CPPIB for $2.5 billion.

The new sale which should bring the firm about $625 million will be conducted with firms beaten by CPPIB last month (April 2016). Now, the battle will oppose the Saudi Agricultral and Livestock Investment (SALIC) fund, the Sovereign fund of Qatar and other Canadian funds, Reuters revealed.

Founded in 1974, Glencore is a global leader in terms of commodity trading with a turnover of $170 billion in 2015.

Aaron Akinocho