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 [email protected]