Hess Corp. (HES) announced that its stockholders have approved the proposed merger with Chevron Corporation.
The completion of this merger is still contingent upon several conditions. These include the expiry or termination of any applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Additionally, there must be a satisfactory resolution of ongoing arbitration related to preemptive rights within the Stabroek Block joint operating agreement.
In October 2023, Chevron agreed to acquire all outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share. As per the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each share of Hess. Including debt, the total enterprise value of the deal amounts to $60 billion.
