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Competition Tribunal approves Sasol/Exel merger
Following a scheduled hearing, the Competition Tribunal today unconditionally approved the application to merge the businesses of Sasol Oil and Exel Petroleum, effectively establishing the largest integrated liquid fuels business in Southern Africa. The approval follows an in-depth analysis of the merger and its potential impact on the local liquid fuels market by the Competition Commission, who subsequently recommended unconditional approval to the Tribunal.
Exel, which was initiated by Sasol some years ago as an empowerment venture in liquid fuels retailing, has developed with Sasol's support and the drive and innovative spirit of its black management into the most successful black economic empowerment business in the fuel retailing sector. The integration of Exel into the Sasol Liquid Fuels Business marks a significant first step towards Sasol achieving its own strategic objectives while fulfilling the requirements of the Liquid Fuels Charter. In terms of the Charter 25% of all facets of the industry are to be owned by historically disadvantaged South Africans by 2010. From Exel's perspective, the merger will give the company access to technology and capital for expansion and growth, which will ensure its competitiveness and long-term sustainability.
The merged entity will incorporate all of the liquid fuels interests of both companies and will encompass the entire value chain including crude oil procurement and processing at the Natref refinery (in which Sasol holds a 64% interest), the blending of products from Sasol's synfuels refinery at Secunda and the marketing and distribution of fuels in retail and commercial markets.
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Sasol publishes investor newsletter on its website
Sasol has published "Investor Insight", a newsletter aimed at the investment community, on its website. This contains several articles, amongst them a quarterly business review and several stories focussing on Sasol's strategy and capital projects. "Investor Insight" is an electronic publication available in both browsable and downloadable formats from Sasol's website at http://w3.sasol.com/investor_news/index.htm
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Sasol was 'obliged to list empowerment risks'
Sasol's decision to identify empowerment as a risk needed to be viewed in the context that the US investor community was highly litigious, according to the chief investment officer of Allan Gray Investments, Stephen Mildenhall. Allan Gray holds more than 5% of Sasol.
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Sasol given go-ahead for merger
The Competition Commission has approved the merger of Sasol and Exel Petroleum. Manager of the commission's merger division, Nkonzo Hlatshwayo, said the merger with Exel would help Sasol fulfil its empowerment charter requirements. The two companies planned to have 150 Exel and 150 Sasol service stations operational by mid-2004.
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