BIOPETROL: Glencore takes majority shareholding
- Sustainable improvement to BIOPETROL's market position in Europe
- Strategic partner takes 50% plus one share in a first step
- Extra economies of scale and extended value chain
- Full production capacity utilization targeted in midterm
Glencore, one of the world's largest suppliers of commodities and raw materials to industrial consumers, has taken a majority stake in BIOPETROL INDUSTRIES AG through the acquisition of 50% plus one share. The shares were acquired from the previous majority shareholders. In addition Glencore has the option to increase its holding to a two thirds majority. The details of the contractual agreements and the acquisition price remain confidential. The completion of the transaction is subject to an approval of the relevant antitrust authorities. According to the rules relating to companies listed in "Entry Standard" of the Frankfurt Stock Exchange, there is no obligation for Glencore to make an offer (Pflichtangebot) to other share holders.
Following the successful financial restructuring of BIOPETROL INDUSTRIES AG in early 2009, this is a further successful step in securing and enhancing its competitive position in Europe. The changes in market conditions in the Biofuels Industry have made it necessary to achieve further economies of scale and extend the value chain. Glencore, as new majority shareholder, is the ideal partner with its leading worldwide commodity business. The combination of a financially strong trading platform and modern and logistically advantaged production plants creates the basis for the midterm utilization of the full production capacities of BIOPETROL INDUSTRIES AG.
The Glencore Group of Companies ("Glencore") is one of the world's largest suppliers of commodities and raw materials to industrial consumers. Customers around the world, in industries such as automotive, power generation, steel production and food processing, rely upon Glencore's established global network of operations as a source of Metals and Minerals, Crude Oil and Oil Products, Cl and Agricultural Products. These commodities originate either from Glencore's owned production assets, are secured from third parties, or benefit from the refining, processing or marketing expertise of Glencore. The Group also provides financing, logistics and other supply chain services to producers and consumers of commodities.
Glencore, founded in 1974, is a privately held Group owned by its management and employees. Headquartered in Baar, Switzerland, Glencore employs over 2,000 people in its global marketing operations in some 50 offices in over 40 countries. In its industrial operations, Glencore employs over 50,000 people at 15 plants in 13 countries. Additionally, Glencore has interests in various publicly listed companies including 34.5% in Xstrata, 44% economic (39% voting) in Century Aluminum, 70.6% in Minaral Resources, 72.2% in Katanga Mining and 32.2% in Recylex.
This press release represents neither an offer for sale nor a request for the submission of an offer to purchase or subscribe to securities. This announcement and the information contained therein are not intended to be directly or indirectly passed on to or within the United States of America, Canada, Australia or Japan.
BIOPETROL INDUSTRIES AG
With its German, Dutch and Swiss subsidiaries, BIOPETROL INDUSTRIES AG, which has its head office in Zug (Switzerland), produces and sells biodiesel and pharmaceuticalgrade glycerine of the highest quality. Among our customers are the oil industry and oil traders, largescale fleet operators, shorthaul public transport, and the agricultural and construction industries. The pharmaceuticals and cosmetics industries in addition are supplied with glycerine of pharmaceutical quality.
At the present date, BIOPETROL INDUSTRIES AG has annual productive capacities in Schwarzheide and Rostock of around 350,000 tonnes of biodiesel and 30,000 tonnes of pharmaceuticalgrade glycerine. In Rotterdam, BIOPETROL is close to completion of an installation with an annual productive capacity of 400,000 tonnes of biodiesel and 60,000 tonnes of glycerine. Annual capacity will thus be more than doubled to a total of 750,000 tonnes of biodiesel. Further expansion of capacity in Rotterdam is prepared. We are working actively on extending our product range, based on the coproduct glycerine