Glencore expects to finalise its acquisition of Chevron SA's assets by the end of June 2019, the diversified natural resource company said on Wednesday. “We are going through the process there and expect it to be concluded in the first half of the year,” said Glencore’s SA-born CEO, Ivan Glasenberg. He said he foresaw no issues in finalising the transaction, and it was not possible for Chevron SA, which has been renamed Astron Energy, to back out of the deal either. Glencore lent Chevron SA’s empowerment partner, Off The Shelf Investments 56, $1bn to acquire a 75% stake in the company on condition that the stake was transferred to Glencore. The assets include a 110,000 barrel-a-day refinery, a lubricants plant, 820 petrol stations and oil storage facilities.

Off The Shelf’s acquisition was approved by the Competition Tribunal in September 2018. But in a report the Competition Commission said Glencore’s later acquisition of the stake would also require approval from the competi...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now