The board of directors at Hess Corp unanimously recommended that shareholders vote in favor of the merger with Chevron, a deal that Exxon is currently challenging.
The board of directors of Hess Corp. unanimously recommended that shareholders vote in favor of the merger with Chevron. That’s according to a regulatory filing the company made this week as Exxon’s challenge of the $53-billion deal continues. Chevron and Hess struck the merger deal late last year but soon after Exxon said its partnership terms with Hess Corp. give it—and their third partner, Chinese CNOOC—the right of first refusal to the acquisition of Hess Corp.
Exxon has denied that. In response to the Hess Corp. filing this week it issued a statement that supported the merger. “We look forward to continuing our successful operations in the Stabroek block with Chevron, pending the deal closing,” the statement said, according to Hess. Even so, Exxon is moving forward with its arbitration case regarding the merger, seeking to assert its rights in the Stabroek Block, per CEO Darren Woods.
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