Public statements or reports from ISS

Hess Shareholders Approve $53 Billion Merger with Chevron in Tuesday Vote

May 28, 2024, 06:33 PM

Hess Corporation's shareholders have approved a $53 billion merger with Chevron. The vote, which took place on Tuesday, clears a significant hurdle for the merger, although it remains subject to regulatory approval. Despite the approval, the deal faces challenges, including a dispute with Exxon over assets in Guyana. Several large shareholders and Institutional Shareholder Services (ISS) had urged abstentions, reflecting ongoing concerns about the merger. The acquisition, which required majority approval from Hess's 308 million outstanding shares, is a strategic move for Chevron to expand its operations, particularly in oil-rich regions.