Glencore to Sell Copper Smelter to Philippines’ Villar Family

Glencore Plc has agreed to sell its struggling copper refinery in the Philippines to the family of the country’s richest man as the smelting industry reels from the lowest processing fees on record.

The commodities trading giant is selling Philippine Associated Smelting and Refining Corp., or Pasar, to the Villar family, headed by real estate billionaire Manny Villar Jr., according to people familiar with the matter, who asked not to be identified as the sale has not been made public yet.

A spokesperson for Glencore declined to comment. A representative for Villar didn’t respond to a request for ...