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New twist in sale of Chevron's SA assets after fuel fund saga

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Geneva - Oil trader Gunvor Group is suing Cerberus Capital Management, alleging that the private-equity firm is refusing to pay its share of costs incurred when the two companies made a failed $650m (R8.8bn) bid for Chevron assets in South Africa.

While a relatively small amount of money is at stake, the suit sheds light on the acquisition campaign now under way after Gunvor sold the bulk of its Russian assets following the 2014 US sanctioning of its co-founder, billionaire Gennady Timchenko.

Gunvor claims it entered into an agreement with Cerberus in September to prepare a joint bid for the Chevron assets and that Cerberus agreed to pay half the cost of evaluating an offer, according to the documents filed in New York Supreme Court.

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