A Dutch bailiff has launched a public auction of Access World Group Holdings, the logistics and warehousing business previously owned by Glencore (LON: GLEN), according to a Glencore spokesperson.
The notice that was issued said interested parties must submit a statement of interest by October 1, the spokesperson said.
The auction follows an Amsterdam District Court ruling on July 2 that rejected Glencore’s attempt to buy back Access World through a private transfer to its subsidiary Tironimus, after opponents said the proposed price undervalued the business. The court said Glencore had not shown a public auction would be harmful and that Tironimus could bid in one.
British Virgin Islands-based Global Capital Merchants bought Access World from Glencore in 2022 for an enterprise value of $176.7 million, financed in part by a Glencore vendor loan that was later increased to $140 million. GCM missed a repayment due in January 2023 and owed about $108.9 million by March 31 this year, including roughly $20.3 million in interest, according to the court document.
(Reporting by Pratima Desai; editing by Chizu Nomiyama )
