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Unocal bid gets FTC OK

Friday, June 10, 2005 | 10:45 a.m.

Chevron Corp. won U.S. antitrust clearance to complete its $16.4 billion acquisition of oil and gas producer Unocal Corp., the biggest oil takeover in three years, the Federal Trade Commission said.

The FTC said it approved the acquisition on condition that Unocal stop enforcing patents for reformulated gasoline that antitrust enforcers said would have imposed more than $500 million each year in higher prices on California motorists.

Chevron and Unocal announced Wednesday they settled the FTC's complaint that Unocal had deceived California regulators into adopting clean-air standards that would have required refiners to use Unocal's patents.

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