Hess shareholders approve merger with Chevron

By Sabrina Valle

HOUSTON (Reuters) – Hess Corp (NYSE:) on Tuesday favorite the company’s $53 billion merger with the No. 2 U.S. oil company Chevron (NYSE:), per preliminary outcomes of the vote.

The merger required a majority vote to approve the deal by a majority of Hess’ 308 million shares renowned to pass. The corporate did not straight away provide the vote tally.

Chevron provided to originate Hess final October in a pass to personal a foothold in oil-neatly off Guyana’s profitable offshore fields. The deal has been stalled by an ongoing evaluate by the U.S. Federal Alternate Commission and clouded by an arbitration claim filed by Hess’ companion in Guyana, Exxon Mobil (NYSE:) and CNOOC (NYSE:).

The outcome’s a grab for Hess CEO John Hess and puts to rest claims by some shareholders who wished extra compensation for the prolong in closing the sale. Exxon’s arbitration might push the deal’s closing into 2025.

© Reuters. FILE PHOTO: Chevron and Hess logos are seen in this illustration taken, October 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

“Assuming Chevron wins the arbitration from Exxon or finds a settlement, the transaction is now going to happen,” acknowledged Designate Kelly, an analyst with financial agency MKP Advisors.

(This legend has been refiled to spend away the extra be conscious ‘some’ in paragraph 4)

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