Despite the Competition Commission’s recommendation that Sinopec’s bid for 75% of Chevron South Africa be approved, Glencore remains in the running for the company’s local operations, it said this week. Glencore said in October it had entered the fray with a $973-million (R12-billion) cash offer, appearing to trump the $900-million deal on the table by SOIHL Hong Kong Holdings, owned by Chinese state-owned oil company Sinopec. The sales process had been reopened by Chevron South Africa’s BEE partners, who own 25% of Chevron South Africa through investment vehicle Off The Shelf Investments Fifty Six (OTS), when they exercised their pre-emptive right to buy the other 75%. On Friday Glencore spokeswoman Shamiela Letsoalo said the company’s position, as well as that of OTS, was not changed by the Competition Commission’s recommendation. Chevron South Africa said: "Sinopec cannot yet conclude the transaction" as that deal is subject to the right of first refusal held by the minority shar...
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