Glencore to sell struggling copper refinery to Filipino billionaire, Bloomberg News reports
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo
Britain's Glencore has agreed to sell its struggling copper refinery in the Philippines to the Villar family, headed by real estate billionaire Manny Villar Jr., Bloomberg News reported on Tuesday, citing people familiar with the matter.
The commodities trading firm had already put its Philippine Associated Smelting and Refining Corp, or Pasar, on care and maintenance earlier this year amid a severe pricing crisis.
The Bloomberg report did not disclose a valuation for the deal.
Glencore declined to comment and the Villar family did not respond to a request for comment.
Source: Reuters
