and Pioneer are advanced but have not yet led to an agreement, Reuters reported on Thursday. The acquisition would give Exxon ownership of the largest producer in the biggest U.S. oil field.has blasted energy companies for their surging profits as gasoline prices soared at the pump, and his administration has been especially critical of Exxon for not raising production despite its record earnings.
The lawyers and experts interviewed said the FTC would face an uphill struggle in challenging Exxon’s attempted acquisition of Pioneer. “This isn’t a refinery deal or a retail deal, which are usually the main drivers of antitrust risk. Those are the deals where we see problems,” Barlow said. Democratic Senator Sheldon Whitehouse criticized Exxon for deploying money it earned from “gouging using a corrupt internal cartel … to double down on polluting the planet, pushing even more costs and dangers on consumers.”
Companies like Exxon have felt emboldened to pursue big mergers after U.S. regulators lost some high-profile attempts in court to block megadeals in recent months, including Microsoft’s $69 billion purchase of “Call of Duty” maker Activision Blizzard.
Source: News Formal (newsformal.com)
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