US FTC finalizes consent order for $53 billion Chevron-Hess merger

(Reuters) – The U.S. Federal Commerce Commision (FTC) mentioned on Friday it had accredited a consent order to resolve antitrust points regarding Chevron (NYSE:CVX)’s $53 billion takeover of Hess (NYSE:HES).

In line with the order, John Hess, CEO of the oil and gasoline producer, shall be barred from becoming a member of the mixed firm’s board over allegations that he communicated with oil producers’ group OPEC throughout its efforts to curtail manufacturing.

Although the proposed takeover has cleared the FTC’s antitrust evaluation, one final hurdle stays – Exxon Mobil (NYSE:XOM)’s problem to the deal. A 3-judge arbitration panel is because of take into account the case later in Might.