Petroleum Africa
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Sunday, October 15, 2017
South Africa’s largest fund manager, Public Investment Corp. (PIC) is reportedly interested in participating in the acquisition of Chevron’s southern African downstream business assets. The Chevron assets are to be acquired by Glencore and a group of local black-owned companies, Bloomberg reported.
PIC could possibly purchase a piece of the business from Glencore or the minority owners, and the three parties then could raise cash by selling shares in the company on the JSE.
Glencore is said to be interested in selling down the stake to reduce the size of its financial commitment, according to Bloomberg.
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