Hess Corp. reports stockholder approval for proposed merger with Chevron

Hess Corporation (HES) announced that it has received the necessary approval of its stockholders for closing the company’s merger with Chevron (CVX) at the special meeting of Hess stockholders held today as a majority of the outstanding shares of Hess common stock were voted in favor of the adoption of the merger agreement. No approval of Chevron stockholders is required in connection with the merger. Completion of the merger remains subject to other closing conditions, including expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfactory resolution of ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement. “Chevron and Hess are working to complete the merger as soon as practicable,” the company stated. “We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction and look forward to the successful completion of our merger with Chevron. Together we will be positioned as a premier integrated energy company, with the leadership, asset portfolio and financial resources to deliver significant shareholder value for years to come,” CEO John Hess added.