GLNCY Glencore Plc (PK)

    By Oliver Griffin 
 

Glencore PLC (GLEN.LN) said late on Friday that Glencore Energy has, through its Brazilian subsidiary, agreed to acquire 78% of ALE Combustiveis.

The Anglo-Swiss commodities trader said that ALE Combustiveis is the fourth largest fuel distributor in Brazil and has a network of around 1,500 gas stations in 22 states, as well as 260 convenience stores.

No financial information was disclosed but Glencore said the investment will provide it with a strong platform to take advantage of domestic growth across the fuel sector in Brazil.

The company said Marcelo Alecrim, one of the founders of ALE, will maintain his 22% stake in the business. When the transaction is complete, Mr. Alecrim will assume the role of chairman.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

July 02, 2018 01:57 ET (05:57 GMT)

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