Glencore, Black Owners Said to Be Sole Partners in Chevron Deal
- No indications South Africa’s PIC to take up any of the stake
- Southern African assets include 800 gas stations, refinery
Photographer: Gianluca Colla/Bloomberg
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Glencore Plc and a black-investor group are the only partners in a potential $1 billion deal to buy Chevron Corp.’s southern African assets, according to three people familiar with the situation.
Business Day, a Johannesburg-based newspaper, reported earlier that South Africa’s Public Investment Corp., which invests the pensions of civil servants, could emerge as a 50 percent partner in a joint bid with Glencore. It didn’t disclose how it got the information. The assets to be acquired include a 100,000 barrel-a-day refinery in Cape Town and more than 800 gas stations in South Africa and neighboring Botswana