The first major hurdle to a merger between two energy giants, Hess and Chevron, has been overcome despite early reports suggesting the vote by the Hess shareholders could be delayed. The delay never happened so the vote went forward successfully for those supporting the merger.
Hess Corp. CEO John Hess (left) and Chevron CEO Mike Wirth said, “We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction.”
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Excerpt from www.ttnews.com
Hess Corp. CEO John Hess (left) and Chevron CEO Mike Wirth. “We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction,” Hess said.
Hess Corp. shareholders approved Chevron Corp.’s $53 billion takeover despite reservations among several prominent investors about a dispute with Exxon Mobil Corp. over a key asset.
Hess shareholders approved the deal during a meeting May 28, the company said in a statement. The company’s shares initially fell on the news but then recovered, climbing as much as 1%.
“We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction,” CEO John Hess said.
The affirmation is a major win for Chevron and CEO Mike Wirth, who sought to secure a stake in the biggest oil discovery of the past decade by acquiring Hess and its 30% interest in a Guyanese field. In the final days leading up to the vote, John Hess, the longest-serving major oil boss, personally lobbied shareholders to back the deal.
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