12:56 PM EDT, 07/11/2024 (MT Newswires) -- (Updates with additional details in the second and third paragraphs.)

The Federal Trade Commission is planning to delay a decision on whether to block Chevron's ( CVX ) $53 billion acquisition of Hess (HES) until an arbitration case with Exxon Mobil ( XOM ) is settled, Bloomberg reported, citing people familiar with the matter.

Exxon reportedly claims a right of first refusal over Hess's largest asset in Guyana, with the arbitration likely extending into Q4. Consequently, FTC's review will continue for several more months, delaying the deal, which has faced obstacles since its announcement in October, the report said.

FTC and the companies did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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