Hess Corporation (NYSE: HES) has recently received stockholder approval for a proposed merger with Chevron Corporation, marking a significant development in the energy industry. The majority of outstanding shares of Hess common stock were voted in favor of the adoption of the merger agreement at a special meeting held for this purpose.
Hess Corporation's CEO, John Hess, expressed satisfaction with the outcome, emphasizing the compelling value of the strategic transaction. He highlighted the potential for the merged entity to become a premier integrated energy company, equipped with leadership, a robust asset portfolio, and ample financial resources to deliver substantial shareholder value in the years ahead.
The press release mentions that the final voting results on the proposals voted on at the special meeting will be detailed in a Form 8-K to be filed with the U.S. Securities and Exchange Commission after certification by the inspector of election.
Additionally, it's noted that no approval of Chevron stockholders is required for the merger. However, the completion of the merger is subject to other closing conditions, including the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as the satisfactory resolution of ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block Joint Operating Agreement.
The release concludes with the information that Chevron and Hess are diligently working to finalize the merger as soon as practicable, underscoring the ongoing efforts to bring this significant transaction to completion. The market has reacted to these announcements by moving the company's shares 0.9% to a price of $151.59. If you want to know more, read the company's complete 8-K report here.
