The FTC is expected to approve Chevron's $53 billion acquisition of Hess despite earlier challenges from Exxon and concerns from Democrats about higher gas prices.
The Federal Trade Commission is expected to grant Chevron approval for its $53-billion takeover of Hess Corp., Reuters has reported, citing unnamed sources in the know. Chevron announced the planned acquisition in October last year as part of what turned into a string of so-called megamergers in the oil space. Soon after, however, the deal ran into problems when Hess Corp.’s partner in Guyana, challenged the deal arguing it had the right of first refusal to Hess Corp.
Last month, Reuters again reported, citing unnamed sources, that the fate of the merger would be in the hands of an arbitration panel that would rule on the legitimacy of Exxon’s first-refusal argument, which Hess has argued is irrelevant because the deal does not represent an asset sale of its Stabroek Block stake but an acquisition of the whole company.
Hess FTC Approval Oil Merger Guyana Assets Exxon First-Refusal Rights Gas Prices Consolidation Democrats
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