Shares in Sasol logged their biggest one-day gain in more than seven weeks as investors cheered news of a deal that will net the debt-laden petrochemical group R8.5bn, which might persuade the company to scrap a potentially dilutive rights issue.

The chemicals and fuel producer on Wednesday said it had struck an agreement with French multinational Air Liquide for the sale of its 16 air separation units at its Secunda plant, which constitute the biggest oxygen production site in the world.

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 Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now