October 7, 2009 / 12:22 AM / 9 years ago

Citi favours sale of commodities unit-FT

LONDON, Oct 7 (Reuters) - Citigroup (C.N) is working on a sale of its controversial commodities unit Phibro in a move that could raise hundreds of millions of dollars, the FT reported on Wednesday citing people close to the situation.

After debating options such as divesting part of the unit, opening it to outside investors or spinning it off, Citi executives favour a complete divestment of the commodity trading division, the people said in the FT’s report.

The U.S. bank, bailed out by the government in return for a 34 percent stake, has held talks with potential buyers but no deal is imminent and the plan to sell Phibro, one of the bank’s most profitable businesses, could still collapse, the FT said citing insiders.

A Citi representative was not immediately available for comment.

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