31 March 2017
Glencore and HNA establish HG Storage International Ltd.
Glencore plc (“Glencore”) is pleased to announce that it has entered into a definitive agreement with HNA Innovation Finance Group Co., Ltd. (“HNA”) for HNA to purchase a 51% equity interest in Glencore’s petroleum products storage and logistics business for US$775 million, payable in cash upon closing, subject to customary closing adjustments (the “Transaction”).
The Transaction is subject to certain regulatory approvals and closing conditions and is expected to close during the second half of 2017.
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