FTC settles monopoly complaint, clears way for $18B energy merger

[JURIST] The US Federal Trade Commission voted 4-0 Friday [FTC agreement, case history] to settle an anti-competitive practices complaint [Chevron press release] against Chevron [press release], allowing it to to acquire the Unocol [corporate website] energy company for $18 billion. The FTC complaint centered on the rights of Unocal to a patent for reformulated gasoline that could have increased gasoline prices by 6 cents a gallon in California, or over a half a billion dollars a year. The settlement includes an agreement by Chevron not to enforce patents of a Unocal subsidiary, Union Oil. AP has more.

 

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