07:15 AM EDT, 05/17/2024 (MT Newswires) -- Hess (HES) shareholders have been advised by proxy advisory firm Glass Lewis to vote in favor of Chevron's ( CVX ) proposed $53 billion all-stock acquisition, multiple news outlets reported on Friday.

The merits of the proposed offer are "sound and reasonable," Glass Lewis said, according to a Bloomberg report.

Chevron ( CVX ) offered to acquire Hess in October 2023 which the aim of winning its 30% stake in a massive oil field off Guyana.

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