(Reuters) – The U.S. Federal Trade Commission (FTC) said on Friday it had granted a consent order to resolve antitrust matters involving Chevron (NYSE: ) $53 billion takeover of Hess (NYSE: ) .
According to the order, John Hess, the oil and gas producer’s chief executive, will be barred from joining the combined company’s board over allegations that he communicated with the oil producer group OPEC during its efforts to curb production.
While the proposed takeover has cleared the FTC’s antitrust review, one final hurdle remains – Exxon Mobil (NYSE: ) business challenge. A three-judge arbitration panel is scheduled to hear the case later in May.
