By Sabrina Valle
(Reuters) – The U.S. Federal Trade Commission is expected to greenlight U.S. oil producer Chevron (NYSE:CVX)’s purchase of Hess (NYSE:HES) as soon as this week, two people familiar with the matter said, leaving Exxon Mobil (NYSE:XOM)’s challenge to the $53 billion deal as its final hurdle.ย
The proposed merger was first announced last October, and the FTC sent a second information request to Chevron two months later. Uncertainty over the deal’s closing has knocked Chevron shares down 1% this year compared to a 6.5% increase in energy share fund XLE (NYSE:XLE) .
Exxon and CNOOC (NYSE:CEO) Ltd, Hess’s partners in a Guyana joint venture, are challenging the deal by claiming a right of first refusal to any sale of Hess’s Guyana assets, the prize in the proposed merger.
This post is originally published on INVESTING.
