Glencore: gets hands on Chevron South Africa and Botswana.
(CercleFinance.com) - Miner and commodity trader Glencore has entered into an agreement to acquire a 75% stake in Chevron South Africa from OTS, as well as the entire share capital of Chevron Botswana, for a total of 973 million dollars.
The transaction follows the closing of OTS' exercise of its pre-emptive right to acquire the assets, which include the interests of US oil giant Chevron in its manufacturing, retail and industrial supply business in South Africa and Botswana.
In a statement, Glencore said it believes that the assets provide an "attractive downstream opportunity" for its oil business.
The acquisition is expected to be closed in mid-2018.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The transaction follows the closing of OTS' exercise of its pre-emptive right to acquire the assets, which include the interests of US oil giant Chevron in its manufacturing, retail and industrial supply business in South Africa and Botswana.
In a statement, Glencore said it believes that the assets provide an "attractive downstream opportunity" for its oil business.
The acquisition is expected to be closed in mid-2018.
Copyright (c) 2017 CercleFinance.com. All rights reserved.