Reported 6 months ago
John Hess, CEO of Hess Corp., is personally reaching out to shareholders in an effort to secure support for a $53 billion takeover by Chevron Corp. before a May 28 shareholder meeting. Investors are being assured by Hess that this deal is the best possible option and that Chevron may back out if the takeover doesn't go through. The transaction, which would see Hess Corp.'s position in Guyana's oil industry transferred to Chevron, has faced challenges including doubts raised by proxy advisers and a dispute with Exxon over rights in the Stabroek oil field. Despite these obstacles, Hess remains confident in the deal's long-term value and is pushing ahead with the vote, with support from some large investors and proxy advisers.
Source: YAHOO