Hess Corp. stockholders voted in favor of the company’s merger with Chevron Corp. during Hess’ May 28 special meeting. (Source: Shutterstock)
Editor's note: This article was updated to include comments from Chevron Corp.
Hess Corp. stockholders have voted in favor of the company’s merger with Chevron Corp. during Hess’ May 28 special meeting.
“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. “Together we will be positioned as a premier integrated energy company, with the leadership, asset portfolio and financial resources to deliver significant shareholder value for years to come.”
Chevron’s shareholder vote takes place at its annual meeting on May 29 although no approval of Chevron stockholders is required in connection with the merger.
“We are pleased that a majority of Hess shareholders have voted to approve the merger," Chevron said in a public statement. "We anticipate moving the [Federal Trade Commission] regulatory process towards its conclusion in the coming weeks. We are confident our position on the preemption right will be affirmed in arbitration and are working to advance the process on this straightforward matter. We look forward to completing the transaction and welcoming Hess to our company.”
The vote was divisive for Hess shareholders. At its forefront, shareholders were split based on claims from Exxon Mobil Corp. and China National Offshore Oil Corp. regarding their right of first refusal (ROFR) to Hess’ 30% interest in Guyana.
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The final voting results on the proposal will be announced in a Form 8-K Hess will file with the U.S. Securities and Exchange Commission.
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