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Trafigura outbids Glencore for Ormet’s alumina
Edited by : AL CIRCLE
1 min read
Trafigura has outbid Glencore Xstrata in an auction for 32,000 tonnes of alumina offered for sale by bankrupt aluminium producer Ormet.
Switzerland-based Trafigura and Ohio-based Ormet agreed to a purchase price of nearly $9 million, or $281 per tonne, according to a sales contract signed by executives from both companies.
The deal came after a telephone auction between Trafigura and Switzerland-based Glencore on November 21, according to court documents. Ormet is seeking court approval for the sale, documents indicate.
Glencore made an initial offer of $8.44 million, or $263.75 per tonne, only to see Trafigura increase the ante with a competing bid and forcing the auction.
Ormet, which filed for bankruptcy protection in February, has said it is trying to sell what it considers to be excess assets, including raw materials such as alumina, anodes, caustic soda and bauxite.
Switzerland-based Trafigura and Ohio-based Ormet agreed to a purchase price of nearly $9 million, or $281 per tonne, according to a sales contract signed by executives from both companies.
The deal came after a telephone auction between Trafigura and Switzerland-based Glencore on November 21, according to court documents. Ormet is seeking court approval for the sale, documents indicate.
Glencore made an initial offer of $8.44 million, or $263.75 per tonne, only to see Trafigura increase the ante with a competing bid and forcing the auction.
Ormet, which filed for bankruptcy protection in February, has said it is trying to sell what it considers to be excess assets, including raw materials such as alumina, anodes, caustic soda and bauxite.
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