Considering the current Federal Trade Commission’s heightened scrutiny of oil and gas M&A and other deals, Exxon Mobil and Pioneer Natural Resources were likely “very happy” to get merger clearance, according to an antitrust attorney.
The FTC allowed the deal to go forward with only one condition: Ban Pioneer’s founding CEO, Scott Sheffield, from participating in the combined company’s decision-making going forward, according to Chuck Boyars, antitrust and competition attorney with Kirkland & Ellis.
Under the initial merger agreement, Sheffield was to hold a position on the Exxon Mobil board representing former Pioneer shareholders.