South Africa. Report: Glencore, PIC to make joint bid for Chevron’s South Africa assets
Glencore (OTCPK:GLCNF, OTCPK:GLNCY) and South Africa’s Public Investment Corporation reportedly could emerge as 50-50 partners in a potential $1B deal to buy Chevron’s (NYSE:CVX) southern African assets.
The CVX assets to be acquired include a 100K bbl/day refinery in Cape Town and more than 800 gas stations in South Africa and neighboring Botswana.
PIC handles South African state worker pensions and is the continent’s largest money manager.
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