China's $200 billion sovereign wealth fund China Investment Corporation CIC will shell out $850 million for a 14.9% stake in Singapore-listed commodities trader Noble Group.
CIC will be issued 438 million new Noble shares representing a 12.91% stake. The newly issued shares will provide the Noble Group with additional capital to pursue strategic investments in key agricultural markets globally, said Noble in a written statement.
Simultaneously CIC will buy 135 million shares from trusts associated with Richard Elman, Noble chief executive officer for another 2% shareholding. Elman's shareholding will go down to around 26%. The shares sold by interests associated with Elman represent a small fraction of his holdings in...
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