US Watchdog Resolves Antitrust Concerns Over Chevron's Hess Takeover

LOS ANGELES, Jan 18 (Bernama-dpa) -- The US Federal Trade Commission (FTC) has finalised a consent order that resolves antitrust concerns surrounding US oil giant Chevron's acquisition of oil producer Hess, reported German news agency dpa.

The final consent order settles charges brought by the FTC in September.

Under the final consent order, Chevron is prohibited from nominating, designating, or appointing Hess's chief executive officer John B. Hess to the Chevron board.

Additionally, Chevron is prohibited from allowing John Hess to serve in an advisory or consulting capacity to, or as a representative of, Chevron, or the Chevron board.

Excluded from the prohibition are discussions related to interactions with Guyanese government officials about Hess' oil-related and health ministry-related activities in Guyana.

In October 2023, Chevron agreed to acquire all of the outstanding shares of Hess in an all-stock deal valued at US$53 billion, or US$171 per share. Hess shareholders would receive 1.0250 shares of Chevron for each Hess share. 

The total enterprise value of the deal, including debt, is US$60 billion. 

-- BERNAMA-dpa