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Sasol pulls out of acquisition talks
Sasol announced that it was withdrawing from talks to acquire a Belgian chemicals operation belonging to SISAS, an Italian group. The withdrawal was so Sasol could concentrate on bedding down its recent Euro1.3bn acquisition of Condea, a German chemicals group. The Belgian operation offerred potential synergies with Sasol's solvents business, an important growth sector, but no details were given on how much the operation might have cost. Sasol considered it prudent to focus on completing the integration of Condea into its global business, until further notice.
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Sasol looks at LSE
The planned link up between the London Stock Exchange and the JSE is being looked at by Sasol as a possible means of expanding its access to capital without the need for a new overseas listing. However David Shapiro of SG Securities says that Sasol will still have to go the route that other SA companies like Anglo and Old Mutual have successfully followed.
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Sasol's new FD to boost profit profile of Sasol
Trevor Munday, Sasol's new FD, has a strategic mission to boost the profit profile of the company's chemical operations and balance the fuel and chemical sides of the group. Sasol already has a 50/50 split in turnover between its chemical and fuel operations, but the chemical side contributes only a quarter of profits. With more exposure to both sectors, Sasol would be better placed to continue its recent phenomenal growth. In addition to reducing business risk, the development of chemicals activities would boost Sasol's global expansion.
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Sasol appoints new director
Trevor Munday, former CE of Polifin, has been appointed as an executive director of Sasol with effect from 9 May 01.He will be in charge of Sasol's SA chemical operations. Munday has been running Sasol Polymers since the end of 99.
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