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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 CET

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

Stocks mentioned in the article
ChangeLast1st jan.
CHINA PETROLEUM & CHEMICAL CORP 1.54% 6.58 End-of-day quote.5.71%
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Financials ($)
Sales 2018 221 B
EBIT 2018 9 635 M
Net income 2018 6 803 M
Debt 2018 17 999 M
Yield 2018 3,53%
P/E ratio 2018 12,17
P/E ratio 2019 12,90
EV / Sales 2018 0,45x
EV / Sales 2019 0,42x
Capitalization 81 663 M
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 6,10 $
Spread / Average Target 8,3%
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Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward 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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