Tribunal approves Off The Shelf deal to acquire a majority stake in Chevron SA
Glencore-backed Off The Shelf Investments 56 has been given the green light to acquire a majority stake in Chevron SA, in a deal that will make it the first majority black-owned and managed oil company in SA. The Competition Tribunal on Thursday announced it had conditionally approved Off The Shelf’s bid to acquire a 75% stake in the company in a deal valued at almost $1bn. Off The Shelf is Chevron SA’s empowerment partner. Once the transaction takes place, Off The Shelf, led by Mashudu Ramano, will see its shareholding in Chevron SA increase from 23% to 98%. Ramano was formerly the chair of Johnnic Communications and Airports Company SA.
Glencore had backed Off The Shelf to bid for the stake with an intention to ultimately purchase the majority shareholding from it. But in a report submitted to the tribunal by the Competition Commission, it said that, while it noted Glencore’s involvement in the matter and its intention to later acquire the stake, "the proposed Glencore trans...
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