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Hess Corp (NYSE:HES) shares are moving after shareholders approved the proposed $53 billion merger with Chevron Corp (NYSE:CVX) on Tuesday.
The Details: The majority of Hess’ 308 million shares outstanding voted in favor of the deal, clearing one hurdle toward the merger. The vote in favor of the merger ends claims by some shareholders who wanted additional compensation.
The deal still requires regulatory approval and will face arbitration with Hess’ partners in Guyana which could push the deal into 2025.
"We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction and look forward to the successful completion of our merger with Chevron," Hess CEO John Hess said.
“We anticipate moving the FTC (Federal Trade Commission) regulatory process towards its conclusion in the coming weeks,” said a Chevron spokesperson. “We are confident our position on the preemption right will be affirmed in arbitration.”
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HES, CVX Price Action: According to Benzinga Pro, Hess shares closed up 0.44% at $152.05, and Chevron shares ended the day 0.81% higher at $159.04.
Photo: Shutterstock
