FTC Will Approve Exxon's $60 Billion Merger With Pioneer—With One Caveat [Forbes]
Exxon Mobil Corporation (XOM)
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Source: Forbes
reportedly only close if former Pioneer CEO Scott Sheffield, who faces allegations of engaging in activity to raise gas prices, is barred from the combined company's board of directors. Exxon announced the merger in October. (Photo by Brandon Bell/Getty Images) The deal is set to close after an agreement was reached between Exxon and antitrust regulators to keep Sheffield off the board of directors, reported, adding the FTC will allege Sheffield engaged in collusive activity with the Organization of the Petroleum Exporting Countries that could have raised the price of gas for Americans. Sheffield will be accused of sending hundreds of messages to OPEC representatives about gas pricing and production levels, the Journal reported. The caveat against Sheffield is rooted in concerns about a class action from three drivers accusing the former CEO and Pioneer of colluding with OPEC to raise gas prices, according to The FTC and Exxon didn't immediately respond to Forbes' request fo
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News
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- 5/13/24 - Form PX14A6G
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