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The Competition Commission has recommended that a deal for a Glencore-backed investor to acquire Chevron SA be approved, bringing the commodities trader closer to winning against a bid by Chinese oil company Sinopec.
The commission recommended to the Competition Tribunal that the deal, wherein Off The Shelf Investments 56 intends to acquire Chevron SA, be approved with conditions. Off The Shelf, Chevron SA’s 25% minority shareholder, is backed by Glencore to pursue the deal. The resources multinational will buy out a majority share.
"The commission found that the proposed transaction raises public interest concerns in the form of impact on employment, impact on industrial sector or region and the impact on the ability of small businesses to become competitive," the commission said.
It recommended conditions be imposed to address public-interest issues. These include the preservation of jobs following the merger and the continuation of a medical aid subsidy for Chevron retirees.
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