Addax and Oryx, the Geneva-based trading firm established more than 20 years ago by Swiss billionaire Jean-Claude Gandur that owns a portfolio of downstream assets in West and East Africa, is up for sale. Sources close to Addax, which is being advised on the sale by BNP Paribas, say it has received a number of initial offers from companies, and hopes to find a buyer by the end of the summer. Among the firms in the running are fellow Swiss traders Mercuria, Gun-vor and Socar Trading, the Geneva-based trading arm of Azerbaijan's state oil company, Socar, which are all eager to expand in Africa. Addax expects to receive at least $400 million from the sale, the sources say.
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