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The Federal Trade Commission plans to delay its decision on whether to block Chevron’s (NYSE:CVX) takeover of Hess (HES) until after the arbitration case with Exxon Mobil (XOM) is settled, Bloomberg reported Thursday.
The arbitration case with Exxon (XOM), which claims to have a right of first refusal over Hess’ (HES) prized Guyana assets, likely will take at least until Q4, meaning the FTC’s review would extend several more months.
Chevron (CVX) previously has said it expected to finish responding to the FTC’s in-depth request for information by mid-year.
In May, Hess (HES) shareholders approved the Chevron (CVX) takeover by a razor-thin 51% majority after several large owners argued the vote should be delayed until after the arbitration case.