Chevron (CVX) and Hess (HES) can proceed with allowing Hess Chief Executive John Hess to join Chevron's board after the US Federal Trade Commission reopened and set aside a previous consent order blocking the appointment, the regulator said Thursday.
The FTC said that the final consent order involves Chevron's proposed acquisition of Hess and that the original complaint found certain deficiencies.
"The FTC concluded that in light of these deficiencies, maintaining the restrictions on Mr. Hess's employment would damage the FTC's credibility and undermine its mission," the regulator said.
Chevron didn't immediately respond to MT Newswires' request for comment, while Hess couldn't be reached.
Hess shares were up 6.8% in recent premarket activity, while Chevron rose 3.6%.
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