JOHANNESBURG, (CAJ News) – GLENCORE has entered into an agreement with Off The Shelf Investments (OTS) for major acquisitions in Chevron Botswana and South Africa for US$973 million.
It will acquire from OTS a 75 percent stake in Chevron SA and the entire issued share capital of Chevron Botswana.
The acquisition follows the closing of OTS’s exercise of its pre-emptive right to acquire the assets from the Chevron Group.
The assets comprise the interests of the Chevron Group in its manufacturing, retail and industrial supply business in Botswana and South Africa.
During its acquisition process, Glencore will be supporting OTS as their technical and financial partner.
The acquisition will include undertakings as to retention of the local management team and workforce.
“Glencore believes that the assets provide an attractive downstream opportunity for its oil business,” the company stated on Friday.
Swiss-based Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities.
– CAJ News