UPDATE 2-Warehousing firm C. Steinweg plans to stay independent

Mon Mar 7, 2011 1:07pm GMT
 

* Steinweg not talking to Glencore

* Glencore looking to boost warehousing unit

(Adds comment, paragraphs 4, 10-12)

By Pratima Desai

LONDON, March 7 (Reuters) - Rotterdam-based warehousing firm C. Steinweg is planning to stay independent and is not negotiating to sell itself or parts of its business, a source at the company said on Monday.

News that Glencore, the world's largest commodity trader, wants to boost its presence in warehousing by combining its recently acquired Pacorini unit with an outside partner has increased speculation that the target would be Steinweg. [ID:nLDE7222DG]

"We like to stay independent; that is where we have been for 164 years," the source said, adding the firm was not talking to Glencore about a merger or sale.

Glencore declined to comment.   Continued...

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