Tribunal checks a move by Glencore-backed investor to hurry Chevron merger
An attempt by a Glencore-backed investor to hurry the Competition Commission’s investigation into its proposed acquisition of Chevron SA was thwarted by the Competition Tribunal on Wednesday. Off the Shelf Investments, the acquiring party, asked the tribunal not to give the commission an extension as a framework agreement with the government was now in place and addressed the concerns of the third parties involved. The tribunal, however, granted the commission an extension of 15 business days, as requested, in order to consult parties. The commission’s representative, Maya Swart, indicated that the framework agreement included some changes of significance — for example, the black economic empowerment shareholding requirement, as it had been understood, was not part of the agreement. "The commission has a duty to investigate concerns and must be in a position to do so," said tribunal panel member Andreas Wessels. New deadline "I don’t think the merging parties are being reasonable." ...
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