Senate Majority Leader Chuck Schumer and 22 Senate Democrats demanded that federal regulators investigate the mega takeovers signed last month by ExxonMobil and Chevron, CNN reported.
Senate Majority Leader Chuck Schumer and 22 Senate Democrats demanded that federal regulators investigate the mega takeovers signed last month by ExxonMobil and Chevron, CNN reported.
Exxon, the largest oil company in the U.S., reached an agreement last month to purchase Pioneer Natural Resources, a rival firm, for $60 billion. The senators called on the FTC to "closely review" the agreements for possible anticompetitive harm and stop the deals if necessary. "If anything," the lawmakers said, the FTC should be investigating the past mergers that created Exxon and Chevron to determine if the firms "should be broken up once again."
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