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ARTICLE · 07 JUNE 2024

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GT Newsletter | Competition Currents | June 2024

Greenberg Traurig
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On May 2, in an effort to resolve antitrust concerns surrounding Exxon Mobil Corporation's $64.5 billion acquisition of oil producer Pioneer Natural Resources Company (Pioneer)...

GlobalAntitrust/Competition Law
Greenberg Traurig, LLP
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United States

A. Federal Trade Commission (FTC)

1. FTC approves consent order in Exxon-Pioneer acquisition, banning former Pioneer CEO from Exxon board seat.

On May 2, in an effort to resolve antitrust concerns surrounding Exxon Mobil Corporation's $64.5 billion acquisition of oil producer Pioneer Natural Resources Company (Pioneer), the FTC approved a consent order preventing former Pioneer CEO Scott Sheffield from holding a seat on Exxon's board of directors. The FTC alleged in a complaint that Sheffield previously attempted to collude with OPEC representatives to reduce the output of oil and gas in certain areas, which would have resulted in Americans paying higher prices for fuel.

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