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. Monday's move came after Reuters reported late on Friday that Vitol, the world's largest oil trader, was nearing a deal to buy Singapore-listed Noble's oil liquids unit. Noble, whose founder Richard Elman took advantage of a commodities bull run to build it into one of the world's biggest traders after starting it in 1986, is shrinking to an ...
Noble Group to sell oil liquids business to Vitol, flags big Q3 loss
Noble said gross proceeds from the sale of its oil liquids business would be $1.4 bn, and after deducting debt of about $836 mn, cash proceeds would be about $580 mn