Glencore Assists in Finding Buyer for Access World After New Owners Fail to Pay Full Amount

Logistics company Access World has been put up for sale by its new owners Global Capital Merchants (GCM), less than two years after they acquired it from commodity trader and miner Glencore. According to three sources familiar with the matter, GCM had only paid Glencore $40 million out of the agreed $180 million sale price.

The sources, who spoke on condition of anonymity, said Glencore has now approached other warehousing and logistics companies to gauge their interest in acquiring Access World, which was once one of the largest global metal warehousing businesses.

Glencore acquired Access World in 2010 and then sold it in December 2022 as part of a wider retreat from assets it deemed to be non-core. In its annual report for 2023, Glencore stated that it had received $40 million in December 2022, with a further $115 million expected in 2023. However, the report did not mention the remaining amount owed by the new owners.

The sale of Access World was part of Glencore’s divestment strategy, which also included the sale of a controlling stake in Peruvian miner Volcan Compañia Minera in May.

The sources said that Glencore’s involvement in scouting for a new buyer for Access World after the new owners failed to pay the full agreed amount is an unusual move, as companies typically do not assist in finding buyers for assets they have already sold.

This development highlights the complexities and challenges that can arise in corporate transactions, especially when the new owners struggle to fulfill their financial obligations.

Glencore Assists in Finding Buyer for Access World After New Owners Fail to Pay Full Amount
Scroll to top