The European Commission Monday cleared US independent Occidental Petroleum's acquisition of Citigroup's commodity trading business, Phibro. In a surprise move, Oxy said in October it would buy Phibro for an undisclosed amount (IOD Oct.12,p1). Oxy's trading and marketing assets are valued at $749 million - comprising just 1.8% of its $41.8 billion net asset base - and account for roughly 7% of its earnings. Phibro has averaged $371 million in pretax earnings over the past five years.
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