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Competition Tribunal approves Glencore’s bid for Chevron subsidiary

On condition that there are no job cuts at Chevron SA.

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 R6 billion ($416.67 million) in a refinery in the country, and its head office must remain in South Africa.

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