A PYMNTS Company

South Africa: Competition Tribunal approves Glencore-Chevron deal

By  |  September 13, 2018

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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.