The US antitrust regulator will allow Chevron Corp. to proceed with its $53 billion acquisition of Hess Corp. on the condition Chief Executive Officer John Hess is barred from the supermajor’s board, alleging he improperly communicated with OPEC.

CVX's merger with Hess clears FTC review but John Hess steps into an advisory role after the FTC blocks his board appointment over OPEC-related concerns.

The FTC on Monday alleged that John Hess encouraged OPEC representatives to take action that supports higher oil prices. Hess Corp. and Chevron have agreed that they will not appoint Hess to the board in order to facilitate the completion of the merger.

The Federal Trade Commission said the oil giant could acquire the smaller company as long as the chief executive of Hess did not join its board.

US regulators will allow Chevron Corp. to move forward with its $53 billion acquisition of Hess Corp. but are barring Chief Executive Officer John Hess from joining the supermajor’s board, saying he improperly communicated with OPEC.

NEW YORK (Reuters) -The U.S. Federal Trade Commission allowed Chevron's $53 billion purchase of Hess Corp on Monday, in an order that barred Hess CEO John Hess from Chevron's board. The FTC's order leaves Exxon Mobil's challenge to the deal, which is expected to stretch deep into next year, as its final hurdle.

Oil company scion John Hess allegedly 'communicated publicly and privately with OPEC representatives and oil ministers of OPEC member states.'

John Hess would be prevented from Chevron’s board as part of deal for antitrust approval of a Hess-Chevron merger.

Chevron will agree to exclude the chief executive of Hess from its board if required by US regulators in order to get the merger of the two companies approved, said people familiar with the matter. The US’s second-biggest oil company had planned to appoint John Hess a director as part of its $53bn acquisition of his company,