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Excerpt from finance.yahoo.com
By Sabrina Valle
HOUSTON (Reuters) – Hess Corp CEO John Hess has until Tuesday to quell a rebellion by shareholders over his handling of what could turn out to be one of the largest mergers in oil industry history: a proposed $53 billion sale of the oil producer to Chevron Corp.
Hess, 70, has spent the past month visiting or calling dozens of investors to gather support. The sale seemed all but certain last fall and Hess still appears poised to win, based on Reuters’ interviews with large investors. But support has slipped in recent weeks with more investment funds voicing concerns about the deal.
A lengthy U.S. federal regulatory review and a surprise arbitration challenge from Exxon Mobil have put about 40% of shares outstanding on the fence, interviews show.
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