Working on the theory that the deal's never done until the ink is dry, the Fiat, Chrysler, General Motors saga headed for another round of musical chairs the end of May.
While Chrysler appear to have secured its sale to the Italian manufacturer, Fiat, in a supreme piece of irony, walked away from a possible deal to purchase ailing GM's European arm despite initially improving its offer.
As the dust cleared, it left Canadian parts manufacturer Magna International in the driving seat with a deal to take on GM's European business including the Vauxhall brand in the UK. However, that wasn't enough to save General Motors Corporation from filing for Chapter 11 bankruptcy in the US. The protection will allow the formation of a ‘New GM' which will focus on four core brands - Chevrolet, Cadillac, Buick and GMC, with the US and Canadian Governments agreeing to fast track support for the ‘New GM'.
Meanwhile, amongst the lubricants majors, there was plenty of corporate and marketing activity. Royal Dutch Shell announced a major restructure with the organisation being consolidated from three into two units - America and the Rest of the World. The announcement was made by incoming CEO, Peter Voser.
In India, one of the fastest growing lubricants' markets, Shell appears to be setting its sights on Castrol's market dominance according to India's Economic Times, while in Europe Shell have signed a five year deal a preferred supplier for Kia Motors' European products and also the preferred oil and grease provider for Isuzu Trucks UK's dealer network.
There was good news for Chevron, who announced more record profits for the year (2008) with earnings of £23.9bn, its 21st consecutive year of annual dividend rate increases and the safest year in the company's history. They also completed the sale of African subsidiary, Chevron Kenya Ltd to Total Outre Mer. The sale includes service stations, fuel, aviation and distribution operations, a lubricant plant and LPG storage.
In Australia, Mobil agreed the sale of its 302 service station sites to Caltex Australia in a deal worth around $300m, while at the same time
 Image: Porsche GB |
Brazil's Petrobras completed the acquisition of ExxonMobil's stakes in Esso Chile Petrolera and associated companies, taking Petrobras' South American points of sale to 8315. Global chemical producers Oxea also agreed the acquisition of ExxonMobil's Amsterdam ester plant for an undisclosed sum and, to top a busy month, Mobil celebrated the news that Mobil 1 has been selected as OEM lubricant for Porsche's new Panamera luxury GT car. |
There was a surprise for BP in Bolivia when the country's President, Evo Morales, announced the immediate nationalisation of the Air BP, the company's aviation division. BP stated that they had agreed to the handover.
Elsewhere Finland's Neste Oil has decided to postpone the construction of a new gasoline isomerisation unit at its Porvoo refinery; Spanish oil producer Repsol announced it is seeking a buyer for its 30% stake in Brazil's Refap refinery, and Malaysia's Sukimi Lube says it is planning expansion into the Middle East in June to benefit from "good demand for Made-in-Malaysia products" in the region. Also in Malaysia, PTT Chemical and Sime Darby announced Emery Oleochemicals as the new name for its joint oleochemical venture.