By Alex MacDonald

LONDON--Commodities titan Glencore PLC said Wednesday it has agreed to sell a 40% stake in its agricultural business to Canada's largest pension fund, Canada Pension Plan Investment Board, for $2.5 billion in cash.

The transaction values Glencore's agricultural business at $6.25 billion and is forecast to close in the second half of 2016.

The deal, which was first reported by The Wall Street Journal on Tuesday, is in line with Glencore's aim to raise money from asset sales to help reduce its heavy debt burden after the company's stock price plunged amid a selloff in commodities.

Write to Alex MacDonald at alex.macdonald@wsj.com

(END) Dow Jones Newswires

April 06, 2016 03:34 ET (07:34 GMT)

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