For Your Information: August 13, 2002
The Commission has approved the final accounting by the divestiture trustee in the matter concerning the merger of Chevron Corporation and Texaco Inc. The order required ChevronTexaco, before consummation of the proposed merger, to divest Texaco’s interest in the Equilon and Motiva joint ventures to Shell Oil Company and Saudi Refining, Inc. or to a trust. If ChevronTexaco divested the interests to a trust, then the order required that a divestiture trustee effectuate the divestiture to a Commission-approved acquirer. Because ChevronTexaco divested the interests to the trust, the trustee was responsible for completing the required divestiture. The divestiture trustee negotiated the terms of the required divestiture to Shell and SRI, which has been completed, and now seeks approval by the Commission of the final accounting as required by Paragraph III.K. of the order.
The Commission vote to approve the trustee’s final accounting was 4-0, with Chairman Timothy J. Muris not participating. (FTC File No. 011-0011; Docket No. C-4023; staff contact is Daniel P.
Copies of the documents mentioned in this release are available from the FTC’s Web site at http://www.ftc.gov and also from the FTC’s Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580. Call toll-free: 1-877-FTC-HELP.