Citi sells Phibro to Occidental
Citi has announced the sale of commodities trading unit Phibro to Occidental Petroleum.
The terms of the transaction were not disclosed, but both Citi and Occidental said the purchase price was equal to the approximate net asset value of the business. Occidental estimated its net investment in Phibro at about $250 million. The sale is expected to close in the fourth quarter.
Citi said the decision to sell Phibro was the outcome of an evaluation of a variety of alternatives and is consistent with Citi's core strategy of a client-centred business model. It also claimed the sale would
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