Chesapeake’s $7.4 Billion Southwestern Takeover Delayed by FTC
(Bloomberg) -- Chesapeake Energy Corp.’s $7.4 billion takeover of Southwestern Energy Co. has been delayed until the second half of the year after antitrust regulators demanded more details from the natural gas explorers.
The transaction, which aims to create the largest US gas driller, originally envisioned closing no later than the end of June. But a Federal Trade Commission request for additional documents received this month will delay that because of a mandatory 30-day waiting period that kicks in once the request has been satisfied, Chesapeake said in a filing on Friday.
Southwestern fell as much as 1.8% while Chesapeake was down 0.9% at 10:25 a.m. in New York trading. The companies have advanced 7% and 14%, respectively, since the deal was announced on Jan. 11, compared with the 8% rise in the S&P 500 Index.
©2024 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More gas & LNG news
![Gas Plant](/media/ljgfdu4g/gas-plant.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132755817519670000&format=webp)
Novatek’s net profit more than doubles in H1 2024 to $4 billion amid revenue and output growth
![BloomburgMedia_SGZVIRT1UM0W00_22-07-2024_13-00-28_638572032000000000.jpg](/media/2l3gljsn/bloomburgmedia_sgzvirt1um0w00_22-07-2024_13-00-28_638572032000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133661268290430000&format=webp)
Woodside to Buy Tellurian in $900 Million Bet on Gas Demand
![BloomburgMedia_SGVHLEDWX2PS00_22-07-2024_07-50-47_638572032000000000.jpg](/media/xxnptkt0/bloomburgmedia_sgvhledwx2ps00_22-07-2024_07-50-47_638572032000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133661082478570000&format=webp)
Trump Vow to ‘Drill, Baby, Drill’ Collides With Industry Caution
![BloomburgMedia_SGV0UZT0G1KX00_22-07-2024_07-51-29_638572032000000000.jpg](/media/ssxf3fnm/bloomburgmedia_sgv0uzt0g1kx00_22-07-2024_07-51-29_638572032000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133661082896570000&format=webp)
How American Pension Funds Help Vladimir Putin’s Gas Gambit
![BloomburgMedia_SGNSMCDWLU6800_19-07-2024_12-00-06_638569440000000000.png](/media/solpejdc/bloomburgmedia_sgnsmcdwlu6800_19-07-2024_12-00-06_638569440000000000.png?anchor=center&mode=crop&width=240&height=135&rnd=133658640067970000&format=webp)
What’s at Stake for UK North Sea as Labour Government Sets Out Its Energy Policy
![Energy Connect Story Thumbnail](/images/default/gas-and-lng.jpg?anchor=center&mode=crop&width=240&height=135&format=webp)
Balyasny, Squarepoint Hire Gas, Power Traders as Sector Heats Up
![Totalenergies](/media/41ojyade/totalenergies.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132881916816700000&format=webp)
TotalEnergies sells 10% stake in Nigerian JV licenses to Chappal Energies for $860 million
![BloomburgMedia_SGRTKYDWLU6900_17-07-2024_16-00-06_638567712000000000.jpg](/media/pcwg1imz/bloomburgmedia_sgrtkydwlu6900_17-07-2024_16-00-06_638567712000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133657056066270000&format=webp)
Collapse of a Key Natural Gas Trade Points to a Massive US Supply Glut
![BloomburgMedia_SGO375DWLU6800_16-07-2024_16-00-06_638566848000000000.jpg](/media/npglxvwx/bloomburgmedia_sgo375dwlu6800_16-07-2024_16-00-06_638566848000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133656192065600000&format=webp)
Italian Energy Prices Soar as Heat Wave Boosts Cooling Demand
![Naturalgas KEZAD Group](/media/x0tk3veq/naturalgas-kezad-group.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133655893297070000&format=webp)
KEZAD commissions new natural gas network for clients
![CSIS Thumbnail](/media/o0acqjyg/csis_thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133566075809700000&format=webp)
CSIS: long-term LNG demand to reshape global export capacity growth
![Dr Carole Nakhle Thumbnail](/media/gqrpjths/dr-carole-nakhle_thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133542056370600000&format=webp)
More women in energy vital to the industry’s success
![Vandana Hari Thumbnail](/media/gz3dyktl/vandana-hari-thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133511540022930000&format=webp)
India’s energy sector presents lucrative opportunities for global companies
![OIL INDIA Thumbnail (1)](/media/oddlww2x/oil-india-thumbnail-1.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133506537128730000&format=webp)
Oil India charts the course to ambitious energy growth
![DNV Thumbnail](/media/chkphnjn/dnv-thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133491856590700000&format=webp)
Maritime sector is stepping up to the challenges of decarbonisation
Partner content
![Navigating the trading seas: exploring the significance of benchmarks-1859882229](/media/qlacaiww/navigating-the-trading-seas-exploring-the-significance-of-benchmarks-1859882229.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133613577584600000&format=webp)
Navigating the trading seas: exploring the significance of benchmarks
![New Lng Ship Web 17829](/media/vjrjyypa/new-lng-ship-web-17829.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133179936218300000&format=webp)
Back to the Future(s): the best commodities benchmarks are still physically settled
![Dr Klaus](/media/4eyh2dr0/dr-klaus.jpg?center=0.3953747239980292,0.50683017007953435&mode=crop&width=540&height=300&rnd=133517897092430000&format=webp)
Ebara Elliott Energy offers a range of products for a sustainable energy economy
![ESSAR](/media/5uafghtj/essar.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133524466961070000&format=webp)
Essar outlines how its CBM contribution is bolstering for India’s energy landscape
![HNC 7611 V2](/media/0dqbya15/hnc_7611_v2.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133517899616530000&format=webp)