Shares in Noble Group surged more than 10 per cent on Wednesday morning after the company said it is in advanced talks to sell its stake in its agricultural joint venture with Cofco to China’s state-backed grain trader, as it scrambles for cash following an accounting scandal
Two people familiar with the deal said on Tuesday that Cofco was prepared to pay about $750m for the 49 per cent stake in Noble Agri, having bought the other 51 per cent of the business last year for $1.5bn.
In a statement, Noble said it was in advanced discussions with “potential purchasers on both this sale and other strategic transactions.”
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