Mercuria Said in Talks with ChinaÕs SDIC to Sell Up to 20% Stake

by swisscham in Engineering, Manufacturing

Mercuria Energy Group Ltd. is in talks to sell as much as a 20% stake to ChinaÕs State Development & Investment Corp., according to two people familiar with the matter. The people, who asked not to be identified discussing private negotiations, didnÕt say how much Mercuria would raise through the sale. Chief Executive Officer Marco Dunand said last month a deal worth as much as USD 1 billion could be completed by the end of March, without naming the buyer. Mercuria, which was founded in 2004 and is now the fourth-largest independent commodity trader, has been seeking a strategic partner to buy a stake of 10% to 20% for more than a year. Introducing SDIC as an investor would bring Mercuria connections in China, the worldÕs largest commodity consumer. Beijing-based SDIC had assets of RMB 311.5 billion (USD 51.4 billion) at the end of 2012, according to its website. The state-owned enterprise, which holds investments in power, coal, food and agriculture, posted operating revenue of RMB 89.1 billion for that year.

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