US regulators will allow Chevron Corp. to move forward with its $53 billion acquisition of Hess Corp. but are barring Chief Executive Officer John Hess from joining the supermajor’s board, saying he improperly communicated with OPEC.

The Federal Trade Commission said the oil giant can acquire the smaller company as long as the chief executive of Hess does not join its board.

The FTC on Monday alleged that John Hess encouraged OPEC representatives to take action that supports higher oil prices. Hess Corp. and Chevron have agreed that they will not appoint Hess to the board in order to facilitate the completion of the merger.

The FTC cleared Chevron's $53 billion acquisition of Hess but barred CEO John Hess from joining Chevron's board after the merger, citing concerns about his previous communications with OPEC officials.

The US antitrust regulator will allow Chevron Corp. to proceed with its $53 billion acquisition of Hess Corp. on the condition Chief Executive Officer John Hess is barred from the supermajor’s board, alleging he improperly communicated with OPEC.

NEW YORK (Reuters) -The U.S. Federal Trade Commission allowed Chevron's $53 billion purchase of Hess Corp on Monday, in an order that barred Hess CEO John Hess from Chevron's board. The FTC's order leaves Exxon Mobil's challenge to the deal, which is expected to stretch deep into next year, as its final hurdle.

Chevron Corporation (NYSE: CVX) today announced the Federal Trade Commission (FTC) completed antitrust review of the company’s merger with Hess Corporation (NYSE: HES), satisfying a key closing condition for the transaction.

John Hess would be prevented from Chevron’s board as part of deal for antitrust approval of a Hess-Chevron merger.

Chevron Corp. ($CVX) is on the brink of obtaining regulatory clearance for its $53 billion acquisition of Hess Corp. ($HES) with the U.S. Federal