The last phase of Gulf’s takeover was approved.

The final step required for Chevron’s $13.3-billion takeover of Gulf Oil got the go-ahead from the Federal Trade Commission. The FTC announced that it has approved Chevron’s plan to sell 51% of Gulf’s stake in the West Texas Gulf Pipeline to three other co-owners of the pipeline. Gulf owned 57% of the line. This was the last of a series of divestitures of Gulf assets required to settle antitrust concerns in the giant oil industry merger.