Hess Oil and Gas Shareholders Approve Its Sale to Chevron for $53 Billion
Shareholders of the American oil and gas company Hess Corp. have approved its sale to Chevron Corp. for $53 billion, Hess said in a press release.
The final results of the vote will be disclosed later.
Chevron still has two hurdles to overcome before the deal can be closed: passing the Federal Trade Commission (FTC) review and winning an arbitration case filed by Exxon Mobil, which is seeking to buy Hess’s 30% stake in the Stabroek oil project off the coast of Guyana, which is worth more than $150 billion.
Chevron expects the FTC review to be nearing completion in the coming weeks. The proceedings in the International Chamber of Commerce could take several months, Barron’s writes.
“Chevron and Hess are working hard to complete the merger as soon as possible,” Hess said in a press release.
Hess shares rose 0.2% in after-hours trading on Tuesday, while Exxon shares lost 0.1% and Chevron shares lost even less.
