We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

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. A "c...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.