Steinweg Buys Bridge Shipping Holdings From Standard Bank

C Steinweg Handelsveem BV, a Rotterdam-based warehouse operator, bought 63.9 percent of Bridge Shipping (Pty) Ltd. after its purchase of Nomad Freight (Pty) Ltd., another Johannesburg operator, in December.

“We’ve been looking for a global partner we can link up with to enable us to have access to a much bigger extent of the market, the global market,” Bridge Shipping Chief Executive Officer Colin Emanuel said today by mobile phone. “Now we’re part of the Steinweg group, we’re able to add value throughout the supply chain.”

He didn’t give the price of the purchase by Steinweg, which handles materials including chrome and manganese. South Africa has the world’s largest reserves of those commodities.

Standard Bank Group Ltd., Africa’s largest lender, reduced its holdings in Bridge to 17 percent as part of the deal and will exit its investment in the next three years, Emanuel said.

Steinweg, approved by the London Metals Exchange to store metals, also bought holdings from RRL Holdings, he said. Ulf Boll, CEO of Steinweg, declined to comment on the transaction when Bloomberg News reached him today by phone.

To contact the reporters on this story: Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net; Carli Cooke in Johannesburg at clourens@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net8

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