Exxon Mobil's legal bid to stop Chevron's proposed $53 billion acquisition of Hess rests on whether the transaction would involve a change of control of Hess...
HOUSTON - Exxon Mobil 's legal bid to stop Chevron 's proposed $53 billion acquisition of Hess rests on whether the transaction would involve a change of control of Hess ' prize subsidiary in Guyana , according to people knowledgeable about the argument.
"The crux here is whether a change of control even occurred," agreed oil and M&A expert James English at law firm Clark Hill Law. The case is unique as Guyana represents between 60-80% of the $53 billion Chevron offered for Hess, English and other experts have estimated. "Job number one is to get past the first hurdle, which is an alignment that a preemption rights exist in the contract," Exxon CEO Darren Woods told Reuters in March.
The model language, however, has been adjusted. Exxon, Chevron and Hess declined to disclose the final language of the contract.
Chevron Guyana Hess Change Of Control
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