Chevron-Hess Merger Approved by FTC with Antitrust Conditions
The U.S. Federal Trade Commission (FTC) has granted approval to a consent order that addresses antitrust concerns related to Chevron's $53 billion acquisition of Hess Corporation.
Under the order, John Hess, former CEO of Hess, will not be allowed to join the combined entity's board due to allegations of alleged communications with OPEC regarding production cuts.
While the FTC has cleared the merger from an antitrust perspective, the deal still faces one remaining obstacle: a legal challenge filed by Exxon Mobil. A three-judge arbitration panel is scheduled to review the case later this month.