FTC Seeks Details on Chevron-Texaco Merger

The Federal Trade Commission has asked Texaco Inc. for additional information regarding its proposed merger with fellow oil major Chevron Corp. the companies said. “We received the request on Friday. We’re just reviewing it,” a Texaco spokeswoman said. San Francisco-based Chevron in October announced plans to buy Texaco for about $35 billion, and analysts expect regulators to force them to exit from some U.S. marketing and refining operations. The FTC’s request was widely expected. Its inspections of the oil industry have become increasingly thorough in the wake of a wave of mergers that produced such huge oil concerns as Exxon Mobil Corp. and BP Amoco. “Chevron and Texaco remain committed to working cooperatively with the FTC as it conducts its review of the merger,” Chevron said, adding that it is now gathering information to respond. Shares of White Plains, N.Y.-based Texaco rose $1.88 to close at $59.19, while Chevron rose $2.50 to close at $80.75, both on the New York Stock Exchange.