Glencore’s Chevron deal is done and dusted

Global natural resources company, Glencore, has finally concluded its $1bn acquisition of the Chevron SA assets.

In March, the Competition Tribunal conditionally approved Glencore’s acquisition of Chevron SA’s assets, which span SA and Botswana and include a 110,000 barrel per day refinery, a lubricants plant, 820 petrol stations, and oil storage facilities With a $1bn loan from Glencore, and another conditional approval from the tribunal, Off The Shelf went on to acquire Chevron SA and renamed it Astron Energy. The deal was always that the BEE partners would later transfer the controlling stake to Glencore.

Off The Shelf will retain its minority shareholding of 23% in Astron, and has the option to increase this to 30% — which will help Glencore meet the tribunal’s condition that it bolster the empowerment shareholding to 35%.

LandNoli

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