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Glencore denies plans to sell metal warehousing unit
The world’s largest listed diversified commodities trader, Glencore said it had no plans to sell its metals warehousing unit.
Metals traders have in recent days said Glencore was planning to sell its warehousing business.
“It’s completely untrue,” a Glencore spokesman told Reuters.
Glencore said in March it wants to boost its presence in metals warehousing by combining its recently-acquired Pacorini unit with an outside partner.
The plans by Glencore appeared in its full annual report distributed to its bondholders and also obtained by Reuters.
Glencore completed its purchase of the metals warehousing division of Pacorini, the Italian family owned company, last September.