Sweet deal for Rotterdam as Glencore pulls global sugar trading desk from London
London — Glencore Plc plans to relocate its global sugar trading desk to Rotterdam from London as the commodities giant consolidates all its European agriculture traders in the Dutch city where its farming division is headquartered. The relocation, expected by the end of the year or early 2018, will affect about a dozen traders, according to people familiar with the matter, who asked not to be named because the information is not yet public. Glencore is grouping all European agriculture trading in Rotterdam after the company spun off its agribusiness unit last year and sold 49% to Canada Pension Plan Investment Board and British Columbia Investment Management for $3.1bn in cash. The relocation also comes as the sugar business changes its reporting line to Chris Mahoney, chief executive of Glencore Agriculture, replacing Glencore CEO Ivan Glasenberg, who personally oversaw the unit because of a quirk of company history. The veteran head of sugar trading at Glencore, Michael Rembaum, ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.