US FTC Allows Chevron-Hess Deal, Bars John Hess From Board
NEW YORK (Reuters) -The U.S. Federal Trade Commission allowed Chevron's $53 billion purchase of Hess Corp on Monday, in an order that barred Hess CEO John Hess from Chevron's board. The FTC's order leaves Exxon Mobil's challenge to the deal, which is expected to stretch deep into next year, as its final hurdle.
Hess CEO disqualified from Chevron board in merger, FTC Says
The US antitrust regulator will allow Chevron Corp. to proceed with its $53 billion acquisition of Hess Corp. on the condition Chief Executive Officer John Hess is barred from the supermajor’s board, alleging he improperly communicated with OPEC.
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