12.02.2013 - Commodity trading houses face growing pains-study
Commodity trading houses pouring millions of dollars into buying physical assets risk shifting capital away from their core business and driving out top talent, according to a study by advisory firm Deloitte Switzerland. Following the model of Swiss commodities giant Glencore , many independent trading houses have sought to snap up assets such as oil refineries and aluminium smelters. Last year, Geneva's Vitol and Gunvor bought refineries from insolvent oil refiner Petroplus while Trafigura said in February its subsidiary Puma acquired a network of fuel service stations in Australia...............................................Full Article: Source
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