The U.S. Federal Trade Commision (FTC) said on Friday it had approved a consent order to resolve antitrust issues concerning Chevron’s $53 billion takeover of Hess.

According to the order, John Hess, CEO of the oil and gas producer, will be barred from joining the combined company’s board over allegations that he communicated with oil producers’ group OPEC during its efforts to curtail production.

Source: FINANCE.YAHOO