Chevron’s proposed acquisition of Hess for $53 billion looks to go through as the Federal Trade Commission (FTC) signals its intentions to approve the deal. Part of the deal will involve the acquisition of Hess’ Guyana holdings, which Exxon and its Chinese partner, Cnooc, are fighting to prevent from happening. Both companies are in partnership with Hess in that Guyana venture.
FTC expected to greenlight Chevron’s proposed Hess deal – Reuters– seekingalpha.com
Source Link
Excerpt:
The U.S. Federal Trade Commission is expected to approve Chevron’s (CVX) $53B acquisition offer for Hess (NYSE:HES) as soon as this week, Reuters reported Monday, which would leave Exxon Mobil’s (XOM) challenge to the deal as the only remaining obstacle.
The proposed merger was first announced last October, and the FTC sent a second information request to Chevron (CVX) two months later.
Exxon (XOM) and China’s Cnooc, Hess’ (HES) partners in a Guyana joint venture, are challenging the deal by claiming a right of first refusal to any sale of Hess’ prized Guyana assets.
A three-judge arbitration panel is due to consider the case in May 2025, with a final decision not likely until August or September 2025.
About The Author
