Hess And Chevron Received A Request For Additional Information And Documentary Material From The FTC; Issuance Of The Second Request Extends The Waiting Period Imposed By The HSR Act Until 30 Days After
Portfolio Pulse from Benzinga Newsdesk
Hess Corporation and Chevron Corporation have received a request for additional information and documentary material from the Federal Trade Commission (FTC). This request, known as the 'second request', extends the waiting period imposed by the Hart-Scott-Rodino (HSR) Antitrust Improvements Act by an additional 30 days, as disclosed in a recent SEC 8K filing.
December 08, 2023 | 1:14 pm
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NEUTRAL IMPACT
Chevron Corporation is facing a similar delay as Hess due to the FTC's second request, which may affect timelines for any planned transactions.
Chevron is in the same position as Hess with the FTC's second request extending the review period. This regulatory scrutiny could lead to delays in any ongoing transactions, creating uncertainty that may affect the stock's short-term performance.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
Hess Corporation's progress in a potential transaction is delayed due to the FTC's second request for more information, which could postpone any near-term plans.
The FTC's request for additional information typically indicates a more thorough review of a transaction, which can lead to delays. While this does not imply any wrongdoing or eventual blockage of a deal, it does introduce uncertainty and could temporarily pause any related stock movement until the matter is resolved.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 80