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Hess sets May 28 shareholder vote on Chevron buyout
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Hess sets May 28 shareholder vote on Chevron buyout
Apr 26, 2024 2:55 PM

April 26 (Reuters) - Hess Corp ( HES ) set May 28 for a

special meeting of shareholders to vote on Chevron Corp ( CVX )

's $53 billion buyout offer, the company said in a

securities filing on Friday.

Chevron ( CVX ) last October offered to acquire Hess Corp ( HES )

in a move to gain a foothold in oil-rich Guyana's

lucrative offshore fields. The deal has been stalled by a

regulatory review and challenged by Exxon Mobil ( XOM ), which

has filed an arbitration claim that could block the deal.

The CEO of the no. 2 U.S. oil producer said on Friday

said the company expects to certify in coming weeks it has

substantially complied with the Federal Trade Commission's

second request for information.

"We believe that a preemption right does not apply to

this transaction and are confident this will be affirmed in

arbitration,"

CEO Michael Wirth said

in a conference call with analysts earlier in the day.

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