Chinese Company to Acquire South African Oil Refinery... with an Employee Ownership Twist

The Chinese state-owned company Sinopec has tentative government approval to acquire a controlling interest in Chevron South Africa, currently a subsidiary of U.S.-based Chevron, although the deal is still subject to final approval by the government and a right of first refusal by its current shareholders. As quoted in the January 12 edition of the Times (South Africa), Ebrahim Patel‚ Minister of Economic Development, said that, the terms of the deal would increase the percentage of shares owned by employees from 25% to 29%.