Hess shareholders approve merger with Chevron

HOUSTON -Hess Corp on Tuesday approved the company's $53 billion merger with the No. 2 U.S. oil company Chevron, 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 and CNOOC.

The result is a win for Hess CEO John Hess and puts to rest claims some some shareholders who wanted additional compensation for the delay in closing the sale. 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.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Schumer urges FTC to hit the brakes on $53 billion Chevron-Hess mergerExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

Schumer urges FTC to hit the brakes on $53 billion Chevron-Hess merger'The FTC should side with consumers and pump the breaks on this deal,' Schumer said in a post on social media platform X, adding that the deal would give oil...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Sen. Schumer calls on FTC to stop Chevron merger with HessSenate Majority Leader Chuck Schumer has called on the Federal Trade Commission (FTC) to intervene in the proposed merger between Chevron (CVX) and Hess (HES...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Hess Investor HBK to Abstain in $53 Billion Chevron Merger Vote(Bloomberg) -- HBK Capital Management, one of the biggest shareholders in Hess Corp., is planning to abstain from voting on the oil company’s $53 billion...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »