FILE PHOTO: The logo of commodities trader Glencore is pictured in Baar

S.Africa's Competition Tribunal approves Glencore's bid for Chevron subsidiary

JOHANNESBURG (Reuters) - South Africa's Competition Tribunal on Friday approved with conditions Glencore's proposed $973 million acquisition of Chevron Corp's subsidiary in the country.

The tribunal said there must be no job cuts at Chevron South Africa as a result of the merger for five years, the unit must invest 6 billion rand ($416.67 million) in a refinery in the country, and its head office must remain in South Africa.

($1 = 14.4000 rand)

(Reporting by Emma Rumney; Editing by Olivia Kumwenda-Mtambo)

2019-03-15 16:58:35

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