South Africa’s Competition Tribunal on Thursday, September 13, conditionally approved Glencore’s proposed US$973 million acquisition of Chevron’s subsidiary in the country, all but scuppering a rival bid from China’s Sinopec.
Chevron agreed last year to sell its 75% stake to state-owned Sinopec, before miner and commodities trader Glencore swooped in after reaching a deal with minority shareholders, who backed it and exercised preemptive rights on the sale.
The conditions for the proposed merger include the preservation of jobs after the deal and the continuation of retirees’ medical aid subsidy among others.
Full Content: Reuters
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