A group of Democratic Senators has called on the Federal Trade Commission to investigate the ExxonMobil and Chevron mega deals.
A group of Democratic Senators led by Senate Majority Leader Chuck Schumer have urged the Federal Trade Commission to investigate if the latest mega acquisitions announced by supermajors ExxonMobil and Chevron are violating antitrust regulations. “Should the FTC determine that these mergers would violate antitrust law, we urge you to oppose them,” Schumer wrote in a letter to FTC, as carried by Bloomberg. The letter is the highest-profile call on the U.S.
Last month, Exxon announced a deal to buy Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion. The implied total enterprise value of the transaction, including net debt, is around $64.5 billion. Less than two weeks later, Chevron said it would buy Hess Corporation in an all-stock transaction valued at $53 billion with a total enterprise value, including debt, at $60 billion. Through the deals, Exxon will become the Permian’s top crude oil producer.
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