Hess shareholders approve Chevron's $53 billion acquisition bid

By Mike Murphy

Hess Corp. shareholders voted to approve a proposed $53 billion buyout by Chevron Corp., the company said late Tuesday.

Chevron (CVX) announced the acquisition bid last October, but it has run into speedbumps in recent months, as rival Exxon Mobil (XOM) threatened to scuttle the deal by boosting its stake in a Guyana oil venture, and as some Democrats in Congress have called on regulators to "pump the brakes" on the deal, warning it could lead to higher gas prices.

Hess (HES) said that a majority of shareholders voted in favor of the merger in a special meeting Tuesday. "We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction and look forward to the successful completion of our merger with Chevron," CEO John Hess said in a statement.

New York-based Hess said completion of the merger is dependent on other closing conditions, but provided no timeline, saying it and Chevron hope to close the deal "as soon as practicable."

Hess shares are up about 5.5% year to date, and the company's market value is about $46.6 billion. Chevron, with a market cap of about $290 billion, has seen its stock rise about 7% higher this year.

-Mike Murphy

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05-28-24 1943ET

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