FTC Approves Settlement of Antitrust Issues in Chevron's Acquisition of Hess

The U.S. Federal Trade Commission (FTC) agreed on Friday to a settlement to address antitrust concerns regarding Chevron's $53 billion acquisition of Hess. According to the agreement, John Hess, CEO of the oil and gas producer, is prevented from joining the board of the merged company. This is due to allegations that he communicated with the oil producers group OPEC during efforts to cut production. Although the proposed acquisition has passed the FTC's antitrust review, one final hurdle remains – the challenge to the deal by Exxon Mobil. A three-judge arbitration panel will review the case later in May.