A deal that will see resources giant Glencore and minority shareholders in Chevron SA get the majority stake in the fuel company will be heard by the Competition Tribunal this month. The Competition Commission's recommendation in August that the deal be approved, with conditions, has effectively nudged out Sinopec, whose bid was approved in March. Had the Chinese firm's bid succeeded, it would have furthered ambitions by Brics members Brazil, Russia, India, China and SA to improve trade and investment within the bloc. The tribunal hearing is set down for September 12. Sinopec was unavailable for comment. Upon approval of the new deal, the minorities and Chevron will take ownership of Chevron's South African business from October 1, a source close to the matter said. "Sinopec is nowhere here ... with regard to Chevron it's finished," the source added. US energy corporation Chevron, which owns the Caltex brand of service stations, announced its intention to sell its 75% stake in Janua...
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