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.


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