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Glencore To Acquire 75% Stake In Chevron South Africa From OTS - Quick Facts

Glencore (GLCNF.PK,GLNCY.PK,GLEN.L) announced it has entered into an agreement with Off The Shelf Investments Fifty Six Proprietary Limited or OTS, to acquire from OTS a 75% stake in Chevron South Africa and certain related interests and the entire issued share capital of Chevron Botswana following closing of OTS's exercise of its pre-emptive right to acquire the assets from the Chevron group. The aggregate consideration is $973 million.

The assets comprise the interests of the Chevron group in its manufacturing, retail and industrial supply business in South Africa and Botswana. Glencore believes the assets provide an attractive downstream opportunity for its oil business.

by RTT Staff Writer

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