March 15, 2019 / 2:49 PM / 6 days ago

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

JOHANNESBURG, March 15 (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 or 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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below