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 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.