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US FTC Commissioner Ferguson dissents in Chevron-Hess decision

( September 30, 2024, 15:54 GMT | Official Statement) -- MLex Summary: Commissioner Andrew Ferguson of the Federal Trade Commission issued a dissent opinion today in the agency's decision to ban Hess Chief Executive John B. Hess from Chevron's board  to attain approval of the Chevron-Hess deal. The Republican commissioner said the complaint doesn't plead a traditional Section 7 theory because the commission has none. Chevron and Hess together have a 2 percent share of the relevant market, he said. "Today, two merging companies pay a toll to pass through the Hart-Scott-Rodino gate. They do not pay the toll because Section 7 requires it. Nothing in Section 7 requires Mr. Hess to stay off the Chevron board. They pay the toll because the Commission has threatened to make their lives difficult if they do not, and they have concluded that it is easier to pay than to resist," he said.See statement attached....

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