The watchdog has recommended the deal go through subject to several conditions including that there be no retrenchments at Chevron SA as a result of the merger
Chevron SA operates the country’s second-largest filling station network under the Caltex brand. Picture: SUPPLIED
On Friday, the commission said the proposed transaction raised public-interest concerns and although it had recommended it be approved, the deal should be subject to a number of conditions. Glencore should also ensure that ongoing contractual obligations toward retired employees of Chevron SA are met. Glencore, meanwhile, has undertaken to ensure that existing contracts with independent fuel distributors, the Caltex branded marketers, are not changed to be less favourable to them, the commission said.
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