Goldman Sachs has appointed oil tycoon John Hess to its board of directors, the firm announced on Monday, just as the Wall Street investment bank advises his company on its $53bn takeover by Chevron.
The move comes as Goldman stands to make as much as $80mn in fees for helping Hess sell the family-run oil business in a contentious deal that has created a stand-off with ExxonMobil.
Hess shareholders last month approved its sale to Chevron, despite objections from some investors and proxy adviser ISS. But the deal’s close remains subject to an arbitration process with rival Exxon, which could drag into next year. It also remains subject to approval by competition regulators after the Federal Trade Commission launched a review in December. Goldman’s fee payment is contingent on completion of the deal.