Noble sells off remaining stake in agribusiness unit to COFCO

Noble group has announced it will sell the remaining 49% of its agribusiness, Noble Agri, to state-owned COFCO International for US$750 million, Reuters reported, citing a statement from the company. The sale of the company, to be renamed COFCO Agri, will expand COFCO’s presence in global agricultural markets. Noble said the proceeds will go toward paying off debt, which stood at US$4.2 billion at September’s end. The firm said the sale will put its financial metrics within the range required for investment grade credit, but ratings agency Standard & Poor’s said it would have no immediate impact on Noble’s current BBB-minus rating.