SINGAPORE (Reuters) – Struggling commodities trader Noble Group agreed to sell its Americas-focused oil trading business to Vitol for about $580 million as part of a debt-cutting strategy, and warned of a big loss for its third quarter.
Mondays move came after Reuters reported late on Friday that Vitol, the worlds largest oil trader, was nearing a deal to buy Singapore-listed Nobles oil liquids unit.
Noble, whose founder Richard Elman took advantage of a commodities bull run to build it into one of the worlds biggest traders after starting it in 1986, is shrinking to an Asian-centric company focused on its core coal trading,…
Read the full article at: https://www.reuters.com/article/us-noble-grp-restructuring/noble-group-to-sell-oil-liquids-unit-to-vitol-flags-1-2-billion-loss-idUSKBN1CR0ZH