On November 30, 1999 after an extensive and in-depth investigation, the FTC announced that Exxon Corporation and Mobil Corporation agreed to enter into a consent decree, in which the FTC mandated significant structural changes to the corporations prior to approving their merger. The consent agreement set forth the divestiture of 2,431 Exxon and Mobil gas stations in New Jersey, Pennsylvania, Delaware, Maryland, Virginia, D.C., Vermont, Maine, New Hampshire, Massachusetts, Rhode Island, Connecticut, and New York, including all Mobil gas stations in Austin, Bryan/College Station, Dallas, Houston, and San Antonio, Texas. The FTC further required Exxon/Mobil to sell an Exxon oil refinery in California and all of
The US FTC imposes the largest retail divestiture in its history, affecting multiple levels of the production chain, before clearing one of the largest mergers in the gasoline industry (Exxon / Mobil)
Access to this article is restricted to subscribers
Already Subscribed? Sign-in
Access to this article is restricted to subscribers.
Read one article for free
Sign-up to read this article for free and discover our services.