The U.S. FTC approves Chevron Corporation's $53 billion acquisition of Hess Corporation. Challenge from Exxon Mobil Corporation remains unresolved.

The Federal Trade Commission (FTC) said on Friday that it has approved a consent order to resolve antitrust concerns related to Chevron Corporation's (CVX.US) $53 billion acquisition of Hess Corporation (HES.US). Under the agreement, Hess CEO John Hess will be prohibited from joining the board of the merged company due to allegations of communication with the Organization of the Petroleum Exporting Countries (OPEC) during a period of production cuts. While the proposed acquisition has passed the FTC's antitrust review, a final hurdle remains as Exxon Mobil Corporation (XOM.US) has presented a new challenge to the deal. An arbitration panel consisting of three judges will hear the case later in May.