(Bloomberg) -- The US Federal Trade Commission plans to delay its decision whether to block Chevron Corp.’s $53 billion takeover of Hess Corp. until after an...
-- The US Federal Trade Commission plans to delay its decision whether to block Chevron Corp.’s $53 billion takeover of Hess Corp. until after an arbitration case with Exxon Mobil Corp . is settled, according to people familiar with the matter.US Inflation Broadly Cools, Likely Sealing Deal for Fed Rate Cut
“We continue to expect to complete the FTC review process during the third quarter,” Hess said in a statement. The FTC allowed Exxon’s takeover of Pioneer Natural Resources Co. to move forward after alleging Scott Sheffield, Pioneer’s founder and former CEO, colluded with OPEC officials and blocked him from serving on the Texas oil giant’s board. Sheffield rejected the claims.Chevron’s agreement to buy Hess, its biggest deal in two decades, has faced several hurdles, leaving both companies in strategic limbo.
In May, Hess investors approved the Chevron takeover by a razor-thin majority of 51% after several large shareholders and Institutional Shareholder Services Inc. argued the vote should be delayed until after the arbitration case. The investors expressed concern that they would not receive Chevron dividends until the deal is complete, eroding the value of the transaction.
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