March 15, 2019 / 2:59 PM / 5 days ago

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

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo

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

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