S.1299 - Domestic Petroleum Company Acquisition Act of 198599th Congress (1985-1986)
|Sponsor:||Sen. Metzenbaum, Howard M. [D-OH] (Introduced 06/13/1985)|
|Committees:||Senate - Judiciary|
|Latest Action:||07/29/1985 Committee on Judiciary received executive comment from Federal Trade Commission. (All Actions)|
This bill has the status Introduced
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Summary: S.1299 — 99th Congress (1985-1986)All Bill Information (Except Text)
Introduced in Senate (06/13/1985)
Domestic Petroleum Company Acquisition Act of 1985 - Amends the Clayton Act to prohibit: (1) any foreign-controlled major energy concern or affiliate from acquiring voting securities that would provide ownership or control of a domestic petroleum company if, after such acquisition, such company will be owned or controlled by the energy concern; and (2) any domestic petroleum company or affiliate from acquiring, owning, or controlling any foreign-controlled major energy concern or affiliate. Defines a "major energy concern" as any person engaged in commerce in the United States: (1) whose average net production of crude oil in the previous calendar year exceeded 500,000 barrels per day; or (2) who is under the control of one or more foreign persons.
Authorizes the Attorney General, the Federal Trade Commission, or any aggrieved person to bring an action in the appropriate U.S. district court to enjoin such prohibited acts. Provides that temporary or permanent injunctive relief shall be granted upon proper showing.
Provides that this Act shall not apply to an acquisition if the parties show that the transaction: (1) is likely to result in a material increase in new energy exploration, extraction, production, or conversion that cannot be achieved otherwise; or (2) is necessary to prevent one or both of the parties from becoming bankrupt.