Global natural resources company, Glencore, has finally concluded its $1bn acquisition of the Chevron SA assets. The finalisation of the transaction marks the end of a hard-won deal the multinational resources company doggedly pursued for more than a year. In March, the Competition Tribunal conditionally approved Glencore’s acquisition of Chevron SA’s assets, which span SA and Botswana and include a 110,000 barrel per day (bpd) refinery, a lubricants plant, 820 petrol stations, and oil storage facilities The conditional approval was the third the tribunal has awarded in relation to Chevron SA’s assets in the past year. In March 2018, the tribunal conditionally approved the acquisition of Chevron SA by Sinopec, a Hong Kong-based oil company. But Glencore out-foxed Sinopec when it bankrolled Off The Shelf Investments — Chevron SA’s empowerment partner — to exercise its right of first refusal of the deal. With a $1bn loan from Glencore, and another conditional approval from the tri...

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 articles from our international business news partners; 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