LONDON, Sept 14 (Reuters) - Trading and mining giant Glencore International [GLEN.UL] has completed its acquisition of the metals warehousing business of Pacorini Group for an undisclosed sum, the Italian company said late on Monday.
Last Wednesday, Antonio Garcez, chief executive at Pacorini Group, told Reuters that the deal, which was announced in early August and subject to regulatory approvals and other paper work, would be completed this week. [ID:nLDE6871FU]
In a statement, family-owned Pacorini Group said the metals division would continue to operate under the name Pacorini Metals.
“Pacorini (Group) is planning investments in the coffee division which is already active in Brazil, USA, Belgium, Spain, Italy, Slovenia, Serbia, Montenegro and Vietnam,” it added.
Market talk about warehousing acquisitions has swirled since independent commodities trader Trafigura acquired LME-approved warehousing company NEMS Ltd earlier this year. [ID:nLDE6200W6]
Trafigura's acquisition followed that of Goldman Sachs GS.N for U.S.-based warehouse and logistics company Metro International trade services. [ID:nSGE61I04Z]
For the latest analysis on LME warehouses, click [ID:nLDE67F0ZQ]
Reporting by Michael Taylor; editing by Alison Birrane
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