off-the-wire

Glencore takes back ownership of logistics firm Access World

Kitco Media
By Reuters
Published:
Updated:
Reuters
Glencore takes back ownership of logistics firm Access World teaser image

Commodity trader and miner Glencore has taken back ownership of Access World, the global logistics firm said on Tuesday.

Glencore’s ownership is subject to approvals by a Dutch court and regulators, which are expected to be obtained at the start of the third quarter.

“Access World can confirm that Glencore has taken initial enforcement rights under vendor financing provided by Glencore to Global Capital Merchants to revert the ownership of the business back to Glencore,” Access World said in a statement.

“This follows the lack of repayment of the vendor financing provided by Glencore,” it added.

Access World owns and leases warehouses to store metals including copper and ranks among major logistics players. It was sold by London-listed Glencore in 2022 to Global Capital Merchants incorporated in the British Virgin Islands.

(By Pratima Desai; Editing by Joe Bavier)

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