NEW YORK (TheStreet) -- Glencore (GLNCY) stock closed up 11.88% to $3.01 on heavy trading volume on Friday following reports that the company is close to a sale of a share of its agricultural units, sources told Reuters.

Potential buyers include a Saudi Arabian sovereign wealth fund, a Chinese grain trader and Canadian pension funds.

Glencore announced last month it will sell a minority stake in its agricultural business by next year as part of a plan to raise $2 billion in asset sales, Reuters added.

The company does not plan on selling more than 49% of the assets because it wants to grow the agricultural business, which is valued at $10 billion to $12 billion, a source said to Reuters.

By the end of the trading day 1.23 million shares of Glencore had exchanged hands, compared with its average daily volume of 960,378 shares.

Image placeholder title

GLNCY

data by

YCharts