Judge Blocks Occidental Purchase of Tenneco Units
LOS ANGELES (AP) _ A judge has temporarily blocked Occidental Petroleum Corp.’s proposed $70 million purchase of some plastic-production assets of Houston-based Tenneco Inc.
U.S. District Judge Harold Greene in Washington granted the temporary restraining order Thursday at the request of the Federal Trade Commission, which argued that the transaction could violate the Clayton Antitrust Act by reducing competition in three types of polyvinyl chloride resins.
Occidental is seeking to acquire portions of Tenneco Polymers Inc., a subsidiary of Tenneco. Both Occidental and Tenneco Polymers produce the plastic resins.
Greene’s order blocks the deal for 10 days until the FTC has time to seek a more permanent order against the deal.