Goldman receives inquiries for warehousing unit

For Sale

Goldman Sachs, which bought aluminum warehouse firm Metro International Trade Services in 2010, has received inquiries from potential buyers after the London Metal Exchange imposed new rules on how storage facilities operate, a person briefed on the matter said.

Bloomberg reports that Goldman Sachs hasn’t engaged in a formal sale process, said the person, who requested anonymity because the talks are private and didn’t identify the prospective purchasers.

Gary Cohn, president of the company, told CNBC in July that it was allowed to own Metro for 10 years and that it would sell the business at 'an appropriate time'.

The LME, the world’s biggest industrial-metals marketplace, changed its rules earlier this month to speed up withdrawals from warehoused stockpiles amid consumer complaints that prompted scrutiny from U.S. regulators. The changes will affect depots where waiting times exceed 50 calendar days, a broader group than the original proposal that pertained to sites where waits were longer than 100 days.

To access the complete Bloomberg article hit the link below:

Goldman Said to Draw Interest in Metro Warehousing Unit

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image: © Valerie Everett

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