Hess Shareholders Approved Chevron Takeover by Slim Majority
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Hess Corp. shareholders approved the company’s proposal to be acquired by Chevron Corp. for $53 billion by a razor-thin majority of 51% of shares outstanding.
Investors holding 157.6 million shares voted in favor of the deal while 92.6 million shares voted against or it or to abstain, according to a filing May 31.
Hess has 308.1 million shares outstanding, according to data compiled by Bloomberg.
The vote was a significant win for Chevron CEO Mike Wirth.
It prevailed despite opposition from several prominent investors who are concerned the deal may be derailed by an arbitration case filed by Exxon Mobil Corp. over oil assets in Guyana.
Hess lost an advisory vote on compensation related to the takeover.
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