12:06 PM EDT, 05/17/2024 (MT Newswires) -- (Updates with additional details in the third, fourth, and fifth paragraphs)

Hess (HES) shareholder D.E. Shaw intends to abstain from voting on Chevron's ( CVX ) planned $53 billion takeover of the oil company, Bloomberg reported Friday, citing Managing Director Jason Singer.

D.E. Shaw is one of the top 15 shareholders in Hess, according to the report.

Singer said D.E. Shaw would support Institutional Shareholder Services' motion to delay voting on the deal until there is more clarity around Chevron ( CVX ) and Hess' arbitration case with Exxon Mobil ( XOM ) . Another Hess shareholder HBK Capital Management also supports the motion, the report added.

"The transaction, as currently structured, doesn't contemplate the time it takes to arbitrate with Exxon. As long-term holders, we believe Hess is a high-quality company with attractive assets and a bright future" Singer was quoted as saying.

"We look forward to Hess obtaining a successful shareholder vote and completing the transaction," Chevron ( CVX ) told MT Newswires.

D.E. Shaw and Hess did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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