Publication of Federal Register notices:
- The Commission has announced changes in the two threshold figures that define when it is unlawful for an individual to serve as an officer or director of two or more competing corporations. Under the new thresholds, effective immediately, Section 8 of the Clayton Act is applicable to such arrangements if each of two companies has capital, surplus and undivided profits in excess of $16,732,000, and the competitive sales of each corporation exceed $1,673,200.
- Section 8 of the Clayton Act charges the FTC with preventing and eliminating unlawful interlocking directorates. A 1990 amendment to Section 8 requires the FTC to adjust the thresholds that trigger the prohibition -- originally set at $10 million and $1 million, respectively -- each year, based on the change in the Gross National Product.
- The Commission vote to publish the Federal Register notice was 5-0. (FTC File No. P859910; staff contact is H. Gabriel Dagen, 202-326-2573.)
Commission appointment of an interim trustee and approval of trust agreement:
- The FTC has approved the appointment of an interim trustee and trust agreement in the proposed acquisition by RHI AG of Global Industrial Technologies, Inc. This will ensure that the respondent fully performs its responsibilities as required by a prior consent order and divestiture agreement accepted by the Commission for public comment on December 30, 1999.
- The Commission vote to appoint an interim trustee and approve the trust agreement was 5-0. (FTC File No. 991-0281; staff contact is Daniel P. Ducore, 202-326-2526; see press release dated December 30, 1999.)
Applications for approval of transactions:
The FTC has received applications for the approval of several divestitures under two orders.
- Following its October 1999 consent agreement with the Commission, in the matter of El Paso Energy/Sonat Inc., El Paso Energy Corporation has petitioned the FTC for approval of the divestiture of its Sea Robin Pipeline Company to Trunkline Gas Company d/b/a CMS Trunkline Gas Company, an entity controlled by CMS Energy Corporation. In addition, El Paso has requested approval of the divestiture of its East Tennessee Natural Gas Company to PanEnergy Corp, an entity controlled by Duke Energy Corporation.
- The Commission is seeking public comments on this petition until February 11, 2000. Comments should be sent to: FTC, Office of the Secretary, 600 Pennsylvania Ave., N.W., Washington, D.C. 20850. (FTC File No. 911-0178; Docket No. C-3915; staff contact is Daniel P. Ducore, 202-326-2526; see press release dated October 22, 1999.)
- Following its November 1999 consent agreement with the Commission, Exxon Mobil Corp. has petitioned the FTC for approval of the divestiture of the Mobil Texas Marketing Assets, as defined in the Commission's order, to 7-Eleven, Inc. In addition, Exxon Mobil has requested that the Commission either shorten or eliminate the public comment period in this matter.
- The Commission is seeking public comments on this petition and request until February 21, 2000. Comments should be sent to: FTC, Office of the Secretary, 600 Pennsylvania Ave., N.W., Washington, D.C. 20580. (FTC File No. 991-0077; Docket No. C-3907; staff contact is Daniel P. Ducore, 202-326-2526; see press release datedNovember 30, 1999.)
Copies of the documents mentioned in this FYI are available from the FTC's web site athttp://www.ftc.gov and also from the FTC's Consumer Response Center, Room 130, 600 Pennsylvania Ave., N.W., Washington, D.C. 20580; 877-FTC Help (877-382-4357); TDD 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.
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