Cargill in Talks to Sell Metals Trading Business to Macquarie, Continuing 2017 Petroleum Deal Pattern

Cargill is in discussions to sell its metals trading arm to Macquarie Group. Sources familiar with the matter told Reuters that the negotiations have not been made public and the deal could still fall apart. This is not the first transaction between the two companies.

Cargill sold its petroleum operations to Macquarie Group in 2017. Cargill pulled back from physical steel trading in China in 2024 after demand weakened amid a slump in the country's property market. That same year, the company reorganized from five business groups into three: food, agriculture and trading, plus a specialized portfolio.

“At our core, we have always been a food and ag company,” Brian Sikes said in a 2024 internal memo reviewed by Reuters.