FTC delays decision on Hess takeover by Chevron, Bloomberg reports

The Federal Trade Commission plans to delay its decision whether to block Chevron’s (CVX) takeover of Hess Corp. (HES) until after an arbitration case with Exxon Mobil (XOM) is settled, Leah Nylen and Kevin Crowley of Bloomberg report, citing people familiar with the matter. Exxon’s case over the right of first refusal for Hess’s asset in Guyana will likely take at least until the fourth quarter, meaning the FTC’s review will extend several more months, according to Bloomberg. The agency plans to announce its decision when the arbitration is finished, the sources said. “The delay is yet another blow to the embattled deal, which is still far from completion nearly nine months after it was announced in October,” Bloomberg notes. “We continue to expect to complete the FTC review process during the third quarter,” Hess said in a statement to Bloomberg.