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Sasol shareholders agree to share buyback
Sasol shareholders have granted directors the authority to buy back up to 20% of the company's issued share capital. This adds a further 10% to the 10% granted previously. Sasol has already purchased 6% of its shares for a total of R1.71bn.
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Sasol converts debentures to ordinary shares
Sasol converted its 56 382 400 8.5% automatically convertible subordinated debentures into ordinary shares on a 1:1 basis from 24 Nov 00. The effective date of the conversion is 26 Jun 00.
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Sasol seen as leader in Condea bidding
The odds seem to be in favour of Sasol winning the bidding for RWE's Condea operations. RWE is intent on concluding a deal before the end of the year and a number of factors favour Sasol. These include the fact that Sasol is far less likely to break up Condea and that Sasol has decided to opt for debt to finance the deal (expected to be between Euro 1.2bn and Euro 1.5bn (bringing Sasol's debt:equity up to 40% from less than 10%).
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Sasol up against US companies in bid for Condea
US private equity firms Kohlberg Kravis Roberts and Bain Capital have teamed up to counter Sasol's bid for Condea, the speciality chemical business of German utility RWE. The size of the deal is estimated to be between Euro 1bn and Euro 1.5bn. Sasol and Kohlberg/Bain were selected as preferred bidders from an original list of 6 bidders. The sale is expected to be completed by the end of Dec 00.
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Sasol to close its Durban chlorine plant
Sasol has decided to close its polymers' chlorine plant at Umbogintwini (near Durban) in KwaZulu-Natal in four months time. The plant has been responsible for three serious poisonous gas leaks in 2000. The closure was a business decision and not an environmental one, and 120 jobs will be lost in the closure.
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Sasol issues cautionary
Sasol has entered into negotiations, regarding the acquisition of German company RWE's chemical business (Condea), which may have an effect on its share price. Shareholders are advised to exercise caution in their share dealings until a further announcement is made.
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Sasol to start exploration in Tanzania
Sasol is one of ten international companies expected to start off-shore oil exploration in Tanzania in April 01. Other companies include TotalFina (France), Paladin Resources (UK), Texaco (USA), Chevron (USA) and Premia (USA). The companies will have to enter into a production sharing agreement with the Tanzanian government and will be exempt from paying VAT on locally purchased goods and services connected to the exploration.
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Sasol subsidiary acquires Fedmis
Sasol subsidiary Sasol Chemical Industries has acquired AECI's 50% holding in phosphoric acid manufacturer and seller, Fedmis Phalaborwa for an undisclosed sum. The transaction is subject to Competition Commission approval.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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