Glencore buys interest in Russian grain export terminal
LONDON (Reuters) - Glencore (GLEN.L), the commodities trading giant which is trying to merge with miner Xstrata XTA.L, said it had acquired a stake in a grain export port in Russia from EFKO Group.
Glencore on Tuesday said it bought the interest in Taman port, a deep sea terminal on Russia's Black Sea Coast, through a joint venture established with Kernel Holding KER.WA.
"Not only will this increase the competitiveness of Russian grain on the world market, it will also enable Glencore to further meet the needs of its customers across Europe, the Middle East and Africa," the company said in a statement.
Glencore has spent the last eight months pursuing a combination with Xstrata to create a mining and commodities powerhouse, and it appeared closer to pulling off the $33 billion deal after Xstrata gave its blessing to a revised bid on Monday.
(Reporting by Sarah Young; Editing by Neil Maidment)
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