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On Tuesday, shareholders of Hess Corporation approved the proposed $53 billion merger with Chevron Corporation, paving the way for the second-largest US oil corporation to acquire crucial assets and have a position in Exxon Mobil's enormous Guyana finds.
Hess shareholders approved Chevron's $53 billion all-stock acquisition proposal, but the deal still faces challenges due to Exxon's arbitration claim over right of first refusal for Hess's stake in a key Guyana oil field.
Hess survived a stockholder ballot on its embattled $60 billion acquisition by Chevron.
The US$53 Billion deal for the acquisition of Hess Corporation by Chevron Corporation faces a shareholder vote today.
Exxon finds itself at the middle of two fights that could reshape the industry as it braces for an uncertain shift toward renewables.