Glencore acquired Astron South Africa & Botswana for $1bn.

Glencore closed the acquisition of 75% of Astron Energy South Africa (formerly Chevron South Africa) and 100% of Astron Botswana (formerly Chevron Botswana), the two businesses previously owned and operated by Chevron, an American multinational energy corporation. The deal came after Chinese state-owned firm Sinopec agreed to acquire a 75% stake in Chevron South Africa year before. Glencore bankrolled Off The Shelf Investments - Chevron's empowerment partner - to exercise its right of first refusal of the deal. Off The Shelf acquired Chevron South Africa, renamed it Astron Energy, and later transferred the controlling stake to Glencore. Off The Shelf retained its minority shareholding of 23% in Astron, with the option to increase this to 30%, which will help Glencore meet the Competition Tribunal’s condition that it bolsters the empowerment shareholding to 35%.