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Original ExxonMobil-Pioneer deal was illegal because it facilitated executive's "anticompetitive schemes," US FTC complaint says

( May 2, 2024, 15:44 GMT | Official Statement) -- MLex Summary: The initially proposed merger between ExxonMobil and Pioneer Natural Resources would have violated US federal merger control law because it would have empowered Pioneer founder and former CEO Scott Sheffield, who "campaigned to organize anticompetitive coordinated output reductions between and among U.S. crude oil producers" and others, by giving him a seat on the board of directors at the merged entity, the US Federal Trade Commission said in its complaint against the merging parties. The FTC’s complaint was released alongside a consent decree that forbids Sheffield from holding a board seat and permits the Exxon-Pioneer merger, but only with conditions, including prior notification of future dealmaking activity and compliance monitoring by federal authorities for the next 10 years.See attached document. ...

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