Hess shareholders vote, approve $53 billion Chevron merger

Hess (HES) shareholders have ultimately given the green light for the energy giant to be acquired by Chevron (CVX). Yahoo Finance Senior Business Reporter Ines Ferré breaks down the latest on this merger and comments from Chevron after the Hess shareholders vote.

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This post was written by Luke Carberry Mogan.

Video Transcript

You know, there’s also a development in a story that you and I have been watching closely.

We got the final results from the shareholder vote over the Chevron Hess deal.

This was the shareholders voting on this and they approved it, right?

Yeah, that’s right.

And we have been watching this deal closely.

Also because Exxon Mobil has sent this into arbitration with ExxonMobil saying that they have a right of first refusal in the Guyana stake that he has.

And that’s the main reason part of the main reason why Chevron was looking to acquire the cause of that block, that prolific block that is in Guyana, which has been a great source of production for him, for ExxonMobil.

ExxonMobil has a stake in there as well.

But look, Chevron spokesperson saying after this vote, we’re pleased that a majority of shareholders have voted to approve the merger and that they anticipate moving the FC a regulatory process towards its conclusion in the coming weeks.

Also continuing to say that they’re confident in their position on the preemption rights that they will, those will be affirmed in arbitration and are working to advance the process on the simple matter.

So Chevron is expecting to win by all accounts on this deal, and to be able to close on the deal with him, we’ll have to wait and see.