Aug 10 (Reuters) - Debt-laden commodity trader Noble Group Ltd recently rejected a takeover offer from Centricus, a London-based fund, the Financial Times reported on Thursday, citing people close to the deal.
The offer would have kept the Hong Kong-based commodity trader’s global operations largely intact, though the exact terms could not be determined, according to the FT report.
Noble seriously considered Centricus's offer but decided, at the eleventh hour, to pursue a radical shrink-to-survive strategy that will see it cut more than half its nearly 1,000-strong workforce and return to its roots as an Asia-focused coal trader, the FT reported. (on.ft.com/2vIGFva)
The commodities trader reported a second-quarter loss of $1.75 billion on Thursday, weeks after warning it faced its steepest quarterly loss in a year and a half and would slash jobs and sell assets to cut debt.
Noble Group declined to comment, while Centricus could not be reached for a comment. (Reporting by Bhanu Pratap in Bengaluru; Editing by Shounak Dasgupta)