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.