JOHANNESBURG - The Competition Commission has recommended that the Competition Tribunal conditionally approve Soihl Hong Kong Holdings’ acquisition of 75percent of Chevron South Africa.
The Hong Kong-based Soihl HK is owned by China Petroleum & Chemical Corporation (Sinopec) which is a state owned Chinese company.Soihl HK is a manufacturer and supplier of petroleum and petrochemical products and is the largest oil and petrochemical products supplier and the second major oil and gas producer in China.
In a statement yesterday, the commission said: “The proposed transaction is unlikely to substantially prevent or lessen competition in any of the identified markets. However, in order to alleviate any possible loss of employment post-merger as well as any potential impact on CSA’s retired employees, the commission recommends that conditions be imposed which address the identified public interest concerns.”
- BUSINESS REPORT