Hess shareholders have approved a $53bn takeover by Chevron, advancing a controversial acquisition at the heart of a high-profile brawl between America’s leading oil companies.
Investors on Tuesday voted to accept Chevron’s offer despite concerns over an arbitration process launched by rival ExxonMobil, which argues it has a right of first refusal over any sale of Hess’s stake in a prize oil find off the coast of Guyana.
“We are very pleased that the majority of our stockholders recognise the compelling value of this strategic transaction and look forward to the successful completion of our merger with Chevron,” said John Hess, chief executive of Hess.
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