For Your Information: August 15, 1997
The Federal Trade Commission today announced the following actions.
Petitions to reopen and modify or set aside orders: The FTC has received a petition from the following entity seeking changes in, or termination of, an FTC order. The FTC is seeking public comments on the newly-received petition for 30 days, until Sept. 15.
- Montedison S.p.A., Montell N.V., Royal Dutch Petroleum Company, The "Shell" Transport and Trading Company p.l.c. and Shell Oil Company have petitioned the FTC to reopen and modify a June 1995 consent order to eliminate the requirement that these companies obtain Commission approval before acquiring any interest in a company that is engaged either in the polypropylene technology, polypropylene licensing or polypropylene catalyst business anywhere in the world, or in the manufacture or sale of polypropylene polymers in the United States or Canada. The 1995 order settled charges that the formation of Montell Polyolefins, a $6 billion joint venture between Montedison and Shell, could substantially reduce competition in several polypropylene and polypropylene-related production and licensing markets and reduce U.S. export sales. (See Jan. 11, 1995 news release for more details regarding this order; Docket No. C-3580.) Staff contact is Daniel Ducore, 202-326-2526.
Consent agreements given final approval: Following a public comment period, the Commission has made final a consent agreement with the following entities. The Commission action makes the consent order binding on the respondents.
- The consent order with CVS Corporation, of Woonsocket, Rhode Island, and Revco D.S., Inc., of Twinsburg, Ohio, settles charges that the acquisition of Revco by CVS would violate antitrust laws by substantially reducing competition for the retail sale of pharmacy services to third-party payors in Virginia and in the Binghamton, New York, area. The order requires CVS to complete divestiture of a total of 120 Revco drug stores or pharmacy counters -- 114 stores in Virginia and six pharmacy counters in Binghamton -- to restore competition. CVS and Revco also signed an agreement requiring them to maintain the assets to be divested to preserve their viability and competitiveness, pending divestiture. The Virginia stores are being divested to Eckerd Corporation, a subsidiary of J.C. Penney Company, Inc., and the Binghamton pharmacy counters are being divested to Medicine Shoppe International, Inc. (See May 30, 1997 news release for more details regarding the consent order; Docket No. 3762; Commission vote to issue order as final and binding was 4-0.) Staff contact is George S. Cary, 202-326-3741.
Copies of the documents referenced above are available from the FTC's Public Reference Branch, Room 130, at the same address; 202-326-2222; TTY for the hearing impaired 1-866-653-4261. To find out the latest news as it is announced, call the FTC NewsPhone recording at 202-326-2710. FTC news releases and other materials also are available on the Internet at the FTC's World Wide Web site at: http://www.ftc.gov
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