(Reuters) – The U.S. Federal Trade Commision (FTC) said on Friday it had approved a consent order to resolve antitrust issues concerning Chevron (NYSE:)’s $53 billion takeover of Hess (NYSE:).
According to the order, John Hess, CEO of the oil and gas producer, will be barred from joining the combined company’s board over allegations that he communicated with oil producers’ group OPEC during its efforts to curtail production.
Though the proposed takeover has cleared the FTC’s antitrust review, one last hurdle remains – Exxon Mobil (NYSE:)’s challenge to the deal. A three-judge arbitration panel is due to consider the case later in May.
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