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Hess shareholders approve US$53-billion merger with Chevron

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The result is a win for Hess CEO John Hess and puts to rest claims some some shareholders wanted additional compensation for the delay in closing the sale

, according to preliminary results of the vote. The merger required a majority vote to approve the deal by a majority of Hess’ 308 million shares outstanding to pass. The company did not immediately provide the vote tally.

Chevron offered to acquire Hess last October in a move to gain a foothold in oil-rich Guyana’s lucrative offshore fields. The deal has been stalled by an ongoing review by the U.S. Federal Trade Commission and clouded by an arbitration claim filed by Hess’ partner in Guyana, Exxon Mobil. Exxon’s arbitration could push the deal’s closing into 2025.

“Assuming Chevron wins the arbitration from Exxon or finds a settlement, the transaction is now going to happen,” said Mark Kelly, an analyst with financial firm MKP Advisors.Study and track financial data on any traded entity: click to open the full quote page. Data updated as of

 

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