Glencore, led by Gary Nagle, acquires FincoEnergies stake

Glencore Plc, the Swiss mining and commodity trading giant led by South African executive Gary Nagle, has agreed to acquire a majority stake in Dutch fuel supplier FincoEnergies, the company said Monday. The financial terms of the transaction were not disclosed. 

The acquisition is part of Glencore’s plan to strengthen its presence in Northwest Europe’s fuel markets, industry sources said. Finco is a key player in the Dutch wholesale fuel market and has a growing footprint in biofuels and low-carbon fuels. 

“Glencore’s investment will help Finco expand its offerings in renewable fuel markets and increase its regional reach,” a company statement said. Finco also supplies marine fuels and marine biodiesel, providing a range of products to the maritime sector.

Strategic positioning in fuel markets 

Global trading houses, like Glencore, have increasingly sought strategic assets across the oil supply chain to enhance trading opportunities. Rival trader Trafigura, for instance, acquired UK-based road fuel and biofuel supplier Greenergy last year in a similar move. 

Under the deal, Glencore will become the majority shareholder alongside Dutch investment firm Coloured Finches, which will reduce its stake to a minority position. Current minority shareholder Pontex will sell its holdings, Finco said.

Coloured Finches will continue managing day-to-day operations after the transaction, an industry source added. The deal remains subject to European Union antitrust approval and is expected to close in the second quarter of 2026, Finco said.

Glencore’s broader expansion

Founded in the 1970s, Glencore now employs about 150,000 people, across 35 countries and is a major supplier of nickel, cobalt, and copper—key materials for electric vehicles and renewable energy. Under Nagle, the company has maintained its global operations while adjusting production to market demand. 

Glencore recently gained full ownership of Peru’s Quechua copper project, near the Antapaccay mine, as JX exits mining. The company also secured $395 million in Australian support to keep the Mount Isa copper smelter running and strengthen the supply of critical minerals.

The Finco deal strengthens Glencore’s exposure to European fuel markets while positioning it to participate in the continent’s shift toward lower-carbon energy solutions.