Glencore to buy Caltex after Chinese deal fails

Chevron operates in Botswana using the Caltex brand name in the retail market operated by a company called Fuel in Motion while its commercial business is run through Kwa Nokeng Oil.

In its statement on Friday, Glencore said it had agreed to buy Chevron’s 75% stake in its South African subsidiary and its Botswana interests for a combined $973 million. The remaining 25% stake will stay with a consortium of Black Economic Empowerment shareholders and an employee trust.