Global commodities merchandising firm Louis Dreyfus Company (LDC) has closed the $466m sale of its global metals business to a Chinese investment fund known as the NCCL Natural Resources Investment Fund.
The completion of the sale follows the fulfilment of necessary conditions, including regulatory approvals.
The divestment agreement was originally reached in December last year.
LDC CEO Gonzalo Ramírez Martiarena said: “We are confident that the metals business will continue to thrive and grow with the existing management team under new ownership.
“I would like to thank all LDC Metals employees for their commitment over the years of strong organic growth that helped establish the business in the leading position it enjoys today, and wish them every success for the future.”
The transaction supports LDC’s previously announced strategy of refocusing its portfolio and resource allocation towards its core business of agricultural commodity trading.
Martiarena added: “Moving forward, we will continue to concentrate on driving growth and innovation across the supply chains of our remaining agri-businesses, leveraging our strong relationships with farmers and customer-centric approach.”
LDC Metals is primarily engaged in the merchandising of base metals such as copper, zinc and lead concentrates.
In addition to base metals, the company sources, consolidates, blends, tolls, transports and merchandises precious metals in both raw and refined form.
The NCCL Natural Resources Investment Fund is managed by New China Capital Legend as general partner.
The fund also features AXAM Asset Management and China Molybdenum as limited partners.