ExxonMobil's $60bn Pioneer acquisition nears FTC approval
The US Federal Trade Commission's (FTC) nod is expected following an agreement that Pioneer's co-founder and ex-CEO, Scott Sheffield, will not join Exxon's board.
Source: yahoo.com
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FTC Approval Policy Affects Mergers and Buyers
The FTC has increased scrutiny of merger and acquisition activity; applies to consent orders that merging firms enter into with the FTC to resolve investigations concerning competition in a relevant antitrust market that require the divestiture of certain assets.
Source: natlawreview.com
Stalemate at FTC Leads to Contested Merger Closing
Stalemate at FTC Leads to Contested Merger Closing Thursday, May 20, 2021 On May 14, 2021, despite not having obtained official approval from federal antitrust authorities, 7-Eleven Inc., the largest convenience-store chain in the U.S., took the highly unusual step of closing its $21 billion purchase of the Speedway retail gasoline and convenience-store chain from Marathon Petroleum. The parties announced the transaction in August 2020. After notifying the federal antitrust agencies of the deal pursuant to the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act), the parties r...
Source: natlawreview.com