Hess shareholders approved the proposed $53 billion merger with Chevron that paves the way for the No. 2 U.S. oil company to gain a prize asset and a foothold in rival Exxon Mobil’s massive Guyana discoveries.
The approval clears one hurdle, but the deal still requires regulatory approval and must face a lengthy arbitration battle with Exxon and China National Offshore Oil Corporation (CNOOC), Hess’s partners in Guyana.
Courtesy of Chevron.