PARIS (dpa-AFX) - Chemicals company Sasol (SSL) announced Monday that the Competition Tribunal approved the deal by Sasol South Africa Limited to dispose of its Air Separation Units Business or ASUs located in Secunda to Air Liquide Large Industries South Africa Proprietary Limited subject to certain suspensive conditions.
Sasol in last September had informed the market that its unit Sasol South Africa had concluded a sale of business agreement with Air Liquide regarding the disposal.
Sasol now said the Tribunal approved the deal in their ruling following a hearing held on June 8.
The Tribunal granted the approval subject to various conditions relating to future ownership of the ASUs by Air Liquide, including joint procurement of renewable power up to 900 megawatts and decarbonisation investments by Air Liquide.
All the suspensive conditions to the deal have now been fulfilled.
In line with the terms of the Sale Agreement, the transaction will close on or before 10 business days from the competition tribunal approval date with the proceeds of R5,525 billion and EUR148,75 million, to be settled in US dollars, settled at closing.
The proceeds, net of tax obligations related to the Transaction, will be utilised within the Sasol Group to repay debt.
Copyright RTT News/dpa-AFX
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