Sasol to restructure olefins business

South Africa's Sasol has ended efforts to divest its olefins and surfactants business (O&S), saying it identified restructuring opportunities to improve the unit's business performance.

April 2, 2007

By OGJ editors
HOUSTON, Apr. 2 -- South Africa's Sasol has ended efforts to divest its olefins and surfactants business (O&S), saying it identified restructuring opportunities to improve the unit's business performance.

After consultation with stakeholders, Sasol said it intends to implement the restructuring over 3-5 years.

Sasol announced its intent to divest the O&S business, subject to fair value being obtained, in August 2005 (OGJ Online, Aug. 15, 2005).

"While there was considerable interest by several parties, the process did not yield acceptable offers," the company said. "The offers received were unfortunately below fair value, and it would not have been in our shareholders' interests to accept any of them."