ConAgra to sell trading business

CHICAGO (Reuters) - ConAgra Foods Inc (CAG.N: Quote, Profile, Research, Stock Buzz) on Thursday said it would sell its commodity trading and merchandising operations to an investment management firm for about $1.6 billion, subject to certain conditions, and $525 million in debt.

The sale will let ConAgra focus on its core food business and also will let it use funds for a share repurchase, Gary Rodkin, chief executive officer, said in a news release.

(Reporting by Brad Dorfman; Editing by Steve Orlofsky)