The energy arm of interdealer broker ICAP has agreed to buy Sun Commodities, a leading broker of European biodiesel and alternative fuels, for an undisclosed sum.
The acquisition, which ICAP says is subject to certain conditions being fulfilled, "marks an expansion for ICAP Energy into European alternative fuels, while also signalling a further step in the broking of physical commodities."
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The increased use of biofuels and persistently high prices for traditional fuels is driving renewables centre stage. Sun Commodities is an important add-on for ICAP Energy, as we expand our alternative fuels service within the European marketplace," according to ICAP Energy's Managing Director Paul Newman.
ICAP Energy already offers alternative fuels broking for swaps and futures on US and Brazilian ethanol from its offices in Louisville, Kentucky and So Paulo, Brazil.
Shares were trading 1.03% higher at 391.5p in mid-morning trade in London.
BC
-
Millions of state pension records ‘set to be deleted’ – putting thousands at risk of never getting their moneyThousands of families could miss out on money owed to them if the government deletes historic state pension records.
-
What makes you wealthy in the UK? Could it make you a target in Rachel Reeves’ Budget?Wealthy Brits could be at risk from a Budget tax raid – but how much money do you need to be considered wealthy in the UK?
