December 22, 2017 / 5:17 PM / a year ago

UPDATE 1-Louis Dreyfus agrees to sell metals business to Chinese fund

(Adds detail)

PARIS, Dec 22 (Reuters) -

* Commodity trader Louis Dreyfus Company agrees to sell global metals business to NCCL Natural Resources Investment Fund

* Louis Dreyfus says NCCL is managed by New China Capital Legend as general partner, with two limited partners AXAM Asset Management and China Molybdenum Co., Ltd.

* Financial terms were not disclosed

* The deal is expected to be completed in the first half of 2018

* Louis Dreyfus had been looking to a sell a stake in its metals business to focus on core activities.

* The business is one of the top copper, zinc and lead concentrates merchandisers globally, according to statement

* The metals business had a book value of $314 million in 2016. It attracted interest from several parties including Anglo American , sources said last month

* China Molybdenum is one of China’s largest producers of molybdenum, a mineral used in metal alloys. The firm last month announced plans to set up a natural resources investment fund worth $1 billion with New China Capital Legend

* China Molybdenum last year took a controlling interest in the Tenke copper project in the Democratic Republic of Congo

* AXAM is a Chinese domestic asset management firm (Reporting by Gus Trompiz; editing by John Irish and Elaine Hardcastle)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below