HOUSTON, May 16 (Reuters) - Hess shareholders
should vote in favor of Chevron Corp's ( CVX ) $53 billion offer
at the company's May 28 special meeting, proxy adviser Glass
Lewis said on Thursday.
The proposed deal terms provides a reasonable valuation and
offers the potential for upside to Hess shareholders. The
strategic and financial merits of the proposed merger "are sound
and reasonable, on balance," Glass Lewis said in its
recommendation.
No. 2 U.S. oil producer Chevron ( CVX ) last October offered to
acquire rival Hess in a move to gain a foothold in oil-rich
Guyana's lucrative offshore fields, where Hess holds a 30% stake
in a joint venture.