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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Glencore    GLEN   JE00B4T3BW64

GLENCORE (GLEN)
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Glencore : Number of parties interested in Chevron SA assets

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10/02/2017 | 04:59pm CEST

JOHANNESBURG - Glencore is among companies considering bidding for Chevron Corporation’s South African assets after a proposed sale to China Petroleum & Chemical Corporation stalled when local partners said they will exercise a pre-emptive right, according to two people familiar with the matter.

China Petroleum said in March it agreed to pay R12.19 billion for Chevron’s 75% stake in the assets,which include Chevron’s oil refinery in Cape Town and network of retail-gas outlets.

The action by Chevron’s black economic empowerment partners, who own the remaining 25% of the assets, has reopened the sales process, said the people, who asked not to be named because the information isn’t public.

There’s at least one other potential bidder in addition to Glencore, the people said.

A Glencore spokesperson said the company doesn’t comment on market speculation and a Chevron spokesperson declined to comment citing a confidentiality agreement covering the sales process.

Representatives from BEE partners African Legend Investments and Lithemba Investments, couldn’t be reached for comment.

China Petroleum, known as Sinopec, agreed to buy Chevron’s holding in the South African assets as part of a plan to expand in international markets.

- BLOOMBERG

(c) Cape Times 1999 - 2017 Independent Newspapers (Pty) Limited. All rights strictly reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 203 B
EBIT 2017 8 112 M
Net income 2017 5 153 M
Debt 2017 21 289 M
Yield 2017 2,41%
P/E ratio 2017 14,06
P/E ratio 2018 14,35
EV / Sales 2017 0,46x
EV / Sales 2018 0,43x
Capitalization 71 765 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 5,18 $
Spread / Average Target 4,2%
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Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Independent Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
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