Embattled trading house Noble Group is selling its North American gas and power division to Geneva-based Mercuria for USD 248 million, as part of a desperate downsizing effort to stave off bankruptcy.
The sale comes as the heavily-indebted Hong Kong-based trader warned it could post a Q2 loss of USD 1.8 billion that sent the company’s share price tumbling by around 30% during trading on Thursday.
Noble is scaling back operations outside of Asia in a bid to ...
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