Hess (HES) shareholders have officially voted to sell the company to Chevron (CVX) in a deal valued at $53 billion. However, the path to finalizing this...
) in a deal valued at $53 billion. However, the path to finalizing this transaction still presents several hurdles. Tortoise Portfolio Manager Robert Thummel joins the Morning Brief to share insights into the remaining challenges.
Of course, this clears what is a major hurdle but other hurdles remain when you talk about Exxon's involvement here, how exactly that could play out also FTC uh approval whether or not a deal is going to be approved.Yeah, that's a good question. But the biggest hurdle is as, and as, and you have been talking about which is, is the, the, what's it gonna be the, the arbitration and the arbitration and the result of the arbitration drives everything if, if the, the arbiter rules uh that ex and CN are entitled to, to a right of first refusal, then this deal will be, will be off because uh a a as everybody's highlighted the crown jewel asset of this transaction is the guy on an asset.
I mean, I mean, I, you know, I think, you know, he is up probably 20% since the, since the transaction was announced. But, but that takeover premium would come down, uh the he share price would come down if the transaction or if the arbitrator would rule in, in favor of Exxon um in, in this case sometime and, and we expect that sometime probably early next year.
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