SAfrica's Sasol says will not sell chemicals unit
Fri Mar 30, 2007 5:21am ET
JOHANNESBURG, March 30 (Reuters) - South African petrochemical group Sasol does not intend to sell its chemicals unit at this stage after receiving offers that were below par and will restructure it instead, it said on Friday.
At 0920 GMT, Sasol's shares slid 3.23 percent to 240.50 rand, underperforming a 0.19 percent decline in the blue chip Top-40 index <.JTOPI> after announcing it would retain its Olefins & Surfactants (O&S) business.
"The offers received were unfortunately below fair value, and it would not have been in our shareholders' interests to accept any of them," Sasol's Chief Executive Pat Davies said.
Davies had said earlier this month that Sasol hoped to sell the chemical unit by June this year and that three bidders had been short-listed.
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