By Ben Dummett and Alex MacDonald

Glencore PLC is in advanced talks to sell a stake in its agricultural business to Canada's largest pension fund, a key move in the Swiss commodities giant's effort to pare a nearly $26 billion debt load.

Canada Pension Plan Investment Board is the likely winner of an auction Glencore has been running, and a deal could be announced as early as this week, according to people familiar with the matter. CPPIB would take a stake of as much as 40% that would value the business at about $6 billion, one of the people said. That means CPPIB could pay as much as $2.4 billion.

There is no guarantee an agreement will be reached.

The auction attracted interest from sovereign-wealth funds and Asian trading houses, people familiar with the matter have said.

Write to Ben Dummett at ben.dummett@wsj.com and Alex MacDonald at alex.macdonald@wsj.com

(END) Dow Jones Newswires

April 05, 2016 11:50 ET (15:50 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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