FTC expected to greenlight Chevron’s proposed Hess deal – Reuters

The U.S. Federal Trade Commission is expected to approve Chevron’s (CVX) $53B acquisition offer for Hess (NYSE:HES) as soon as this week, Reuters reported Monday, which would leave Exxon Mobil’s (XOM) challenge to the deal as the only remaining obstacle.

The proposed merger was first announced last October, and the FTC sent a second information request to Chevron (CVX) two months later.

Exxon (XOM) and China’s Cnooc, Hess’ (HES) partners in a Guyana joint venture, are challenging the deal by claiming a right of first refusal to any sale of Hess’ prized Guyana assets.

A three-judge arbitration panel is due to consider the case in May 2025, with a final decision not likely until August or September 2025.