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The South African Competition Tribunal has approved Glencore’s $973m bid for the acquisition of Chevron Corp’s subsidiary. Chinese state-owned Sinopec was acquiring 75% stake through the sale last year, before Glencore jumped in, backed by minority shareholders and exercised pre-emptive rights on the sale. The proposed merger is subject to the condition that jobs are preserved after the deal and the CSA retirees’ medical aid subsidy is continued among others.
