Reported 7 days ago
The U.S. Federal Trade Commission has approved Chevron's $53 billion acquisition of Hess Corp, but barred CEO John Hess from joining Chevron's board due to concerns that his past communications with OPEC could influence Chevron's production decisions. While Chevron's chairman expressed respect for Hess, the FTC emphasized the need for competitive independence among U.S. oil producers. The deal still faces challenges from Exxon Mobil and CNOOC Ltd regarding Hess's assets in Guyana, with further decisions expected in the coming year.
Source: YAHOO