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SAN ANTONIO (AP) - The chairwoman of the Federal Trade Commission will not take part in the antitrust review of Valero Energy Corp.'s $6.9 billion bid for rival independent oil refiner Premcor Inc. because of a conflict of interest.
Chairwoman Deborah Platt Majoras recused herself from reviewing the merger — which would create the largest refiner in North America — because a client of her husband's law firm, Jones Day, is involved in the transaction, said FTC spokeswoman Nancy Judy.
A spokesman for the law firm, Cleveland-based Jones Day, said the firm represented Valero in the acquisition.
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