LONDON, March 26 Glencore's warehousing
and logistics unit Pacorini has made its first move into Africa,
breaking into a major growth region for its parent with the
acquisition of South African logistics group Access Freight.
A Glencore spokesman confirmed the move but declined to
disclose the price tag of the deal, which has yet to be
The acquisition, though small for the world's largest
diversified commodities trader, points to Africa's importance to
Glencore, and to the bolt-on deals that are likely to be top of
the list as the acquisitive group finalises and digests the $32
billion takeover of miner Xstrata.
Pacorini, acquired by Glencore in 2010, has proved a
profitable deal as warehouses that store industrial metals
traded on the London Metal Exchange turn into money-spinners for
commodity traders and banks alike.
Access Freight will give Pacorini a logistics network in
sub-Saharan Africa, ready to profit from the growing production
of metals and minerals including copper, cobalt and iron ore.
It pushes Pacorini further into logistics, an area which has
come to interest old-style warehouse firms battling Pacorini's
influence on their turf. These firms have focused on logistics
businesses, reduced exposure to metal and sought new markets.
Singapore-headquartered peer CWT Commodities is growing in
south America and southern Africa and investing in its logistics
Major Dutch warehousing and logistics firm Steinweg has
bought South Africa-based Nomad Freight, a warehousing and
forwarding company, and has acquired a majority shareholding in
Bridge Shipping, which offers freight and storage in Africa.
Access Freight has warehouses in Durban, Johannesburg and
Namibia's Walvis Bay, and is also building a facility in Beira,