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Hess Shareholders Head for Crucial Vote on Acquisition Proposal by Chevron

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Hess News

Chevron,Acquisition,Shareholders

Hess shareholders are set to vote on Chevron's proposal to buy the company, in a vote that is currently too close to call.

Hess Corporation’s shareholders are set to vote on Tuesday on Chevron’s proposal to buy the company in a vote that’s too close to call amid a growing number of shareholders urging for postponement of the vote or saying they would abstain. Chevron has proposed a $53-billion all-stock transaction to buy Hess, which is a minority partner of Exxon in Guyana’s prolific Stabroek block with a 30% stake.

“Chevron and Hess believe that ExxonMobil’s and CNOOC’s asserted claims are without merit,” Chevron said in an SEC filing, which cites a letter to shareholders by Hess.

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