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Hess facing three lawsuits over disclosures in Chevron deal
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Hess facing three lawsuits over disclosures in Chevron deal
May 21, 2024 6:52 AM

May 21 (Reuters) - Oil producer Hess on Tuesday

said it is currently facing three lawsuits alleging inadequate

disclosures over its proposed sale to Chevron ( CVX ).

Chevron ( CVX ) last October offered to acquire Hess in a move to

gain a foothold in oil-rich Guyana's lucrative offshore fields.

However, the deal has been stalled due to a conflict with Exxon

Mobil ( XOM ) and pending regulatory approval by the Federal

Trade Commission.

All three lawsuits seek to further delay or block the $53

billion deal. Hess shareholders are scheduled to vote on May 28

on the deal.

The allegations regarding deficiency in disclosures "are

without merit", the company said in a securities filing on

Tuesday, but added that it was voluntarily supplementing the

proxy statement "to moot plaintiffs' disclosure claims and to

avoid nuisance, potential expense and delay".

In addition to these lawsuits, several purported

stockholders of Hess have sent demand letters alleging similar

deficiencies.

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