FTC Rejects Request in ExxonMobil-Pioneer Deal
The Federal Trade Commission rejected Scott Sheffield's bid to reopen a consent order related to ExxonMobil's acquisition of Pioneer Natural Resources. Sheffield, the founder and ex-CEO of Pioneer, was denied as he isn't a party to the order, rendering his petition invalid, said the FTC.
The Federal Trade Commission has turned down a request from Scott Sheffield, former CEO and founder of Pioneer Natural Resources, seeking to revisit and annul a final consent order associated with ExxonMobil's acquisition of Pioneer.
The FTC stated on Tuesday that Scott Sheffield's petition does not hold ground because he is not considered a party to the final order, and thus lacks the standing needed to utilize the petition process.
The denial emphasizes the FTC's position on inclusivity criteria for parties seeking to challenge its final orders.
(With inputs from agencies.)
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