Sasol and Air Liquide deal gets nod from Competition Tribunal
The petrochemical giant says the sale of its air separation units business to the French company has been approved
Petrochemical giant Sasol said on Monday that the Competition Tribunal has approved the sale of its air separation units business to French company Air Liquide in an R8bn deal that it will use to pay down debt.
The air separation units supply oxygen and nitrogen to Sasol’s synthetic fuels and chemicals manufacturing process at its Secunda plant.
The deal was approved with a number of conditions, which include the commitment by Air Liquide to jointly procure renewable power of up to 900MW and support various existing broad-based BEE arrangements.
The French company is also required to avoid jobs losses due to the transaction and to support localisation and small, medium, micro and black-owned enterprises.
Sasol said more details regarding the financial impact of the transaction will be included in its annual report.
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