In a potential $1 billion deal to buy Chevron Corp.’s southern African assets, Glencore Plc and a black-investor group are the only partners.
South Africa’s Public Investment Corp. (PIC), which invests the pensions of civil servants, could emerge as a 50 percent partner in a joint bid with Glencore, according to Business Day, a Johannesburg-based newspaper. A 100,000 barrel-a-day refinery in Cape Town and more than 800 fuel service stations in South Africa and neighboring Botswana include the assets to be acquired.
The PIC handles South African state-worker pensions and is the continent’s largest money manager. There has been no indication that the PIC would take up any of the stake, and a spokesman for the PIC said no investment decision has been made.
75 percent holding in the southern African business was agreed to be sold by Chevron last year to the Chinese group known as Sinopec. But the deal got shelved after black-owned minority partners, backed by Glencore, exercised a preemptive right on the stake.
Glencore is supporting black-investor group Off The Shelf Investments Fifty Six Pty Ltd., who own the other 25 percent of the Chevron business, as a technical and financial partner. Source: Bloomberg PWKD21062018
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