FTC Approves Chevron's $53 Billion Hess Acquisition on Monday, Bars John Hess from Board

Sep 30, 2024, 02:57 PM

Chevron has received approval from the U.S. Federal Trade Commission (FTC) to proceed with its $53 billion acquisition of Hess Corp. on Monday. However, as a condition for the approval, the FTC has barred Hess CEO John Hess from joining Chevron's board. The decision is part of an antitrust agreement aimed at addressing concerns over potential anti-competitive practices. The FTC cited communications between John Hess and OPEC officials as a factor in their decision, alleging that these interactions could influence oil market stability and gasoline prices. This move marks the second time in a year that the FTC has imposed such a ban on a CEO in a major merger deal.