A Dutch court has rejected the Swiss commodities group Glencore’s attempt to buy back its former logistics unit Access World Group through a private deal with a subsidiary, after creditors and other parties argued that the proposed price undervalued the business.

In a ruling issued by the Amsterdam District Court on July 2 and released last week, judges said London-listed Glencore could not transfer Access World shares to its subsidiary Tironimus without a public auction process.

The hearing took place on May 21, with the court ruling that Glencore had failed to prove that an open auction would damage the company or reduce its value.

The court said Tironimus could still participate in any public sale process alongside other potential buyers, which could help determine a fair market price for the logistics business.

Court raises conflict concerns

Glencore had sought approval under Dutch law to complete a private sale of Access World shares to Tironimus, but the court said the proposed transaction created a risk of conflict of interest.

Judges also raised concerns about the earlier sale process and the valuation used to support the proposed transaction, saying the company had not provided enough evidence that the market would not offer a higher price. Glencore declined to comment.

Valuation and sale process questioned

Access World was sold by Glencore to Global Capital Merchants Limited, a British Virgin Islands-based company, in 2022 at an enterprise value of $176.7 million.

To support the acquisition, Glencore provided GCM with a $100 million vendor loan, which was later increased to $140 million.

According to court documents, GCM failed to make a repayment due in January 2023. By March 31, 2026, the outstanding balance had reached about $108.9 million, including roughly $20.3 million in interest.

The court said the original sale process did not provide sufficient evidence that the business had been exposed to the wider market, noting that details of the process were not fully disclosed and the number of bidders appeared limited.

The valuation behind Glencore’s proposed purchase was also questioned. Vantage Valuation, appointed by Glencore, estimated the equity value of Access World at $51.4 million, according to two sources familiar with the matter.

Glencore’s global commodity footprint

Glencore, which is listed on the London Stock Exchange and the Johannesburg Stock Exchange, has a market value of about £62.23 billion ($84.2 billion). The company is among the world’s largest commodity traders, with operations spanning more than 30 countries.

Founded in 1974, Glencore trades and produces commodities including copper, nickel, cobalt, coal and other raw materials used in global energy and industrial markets. Under Chief Executive Gary Nagle, the company has continued to focus on metals critical to electric vehicles and renewable energy infrastructure.