Glencore purchases majority stake in Dutch fuel firm FincoEnergies

Robert Harvey and Enes Tunagür

LONDON, December 22 - Global commodities traders and miners Glencore have?agreed? to purchase a majority stake of Dutch fuel supplier FincoEnergies, for an undisclosed amount, the Dutch company announced on Monday.

Industry sources claim that Glencore will expand its presence in the fuel markets of Northwest Europe with this deal. Finco is one of the major players in the Dutch wholesale fuel market, as well as in the biofuels and low carbon fuel sectors in the region.

Glencore, a global trading house, is looking to acquire strategic assets across the oil supply chain in order to increase trading opportunities. Trafigura, a rival trader, acquired Greenergy - a UK-based biofuel and road fuel supplier - last year in a similar move.

Glencore, a Dutch investment?company, will sell its shareholding in the deal to become the majority shareholder of Finco. Coloured Finches will then shift from being the majority shareholder to a minority shareholder. Finco announced that current minority shareholder Pontex will also be a Dutch investment company, and sell its stake in the deal.

According to a source in the industry, Coloured Finches would continue to manage and oversee Finco's?day-today operations? after the acquisition.

The Dutch company said that Glencore's investment would allow Finco to expand its presence in Northwest Europe and in renewable fuel markets. Finco supplies marine fuels as well as marine biodiesel.

Finco stated that the deal was?subjected to EU antitrust approval, and could close as early as the second quarter 2026. Reporting by Enes Tunagur and Robert Harvey in London. (Editing by Alex Lawler, Mark Potter and Mark Potter).

(source: Reuters)