Hess Corp shareholders will vote on Tuesday on Chevron's proposed $53 billion acquisition of the company, after many investors have called for a delay in...
HOUSTON - Hess Corp shareholders will vote on Tuesday on Chevron 's proposed $53 billion acquisition of the company, after many investors have called for a delay in hopes of obtaining a better offer for their shares.
Hess needs a majority of its 308 million outstanding shares to seal the all-stock deal with its shareholders and make it more difficult for other potential rivals to outbid Chevron. The Chevron acquisition was thrown into doubt after Exxon and CNOOC filed an arbitration claim against the sale. As of last week, shareholders owning about 40% of the combined shares were contemplating abstaining from the vote, an action that effectively equates to voting against it, people familiar with the matter said. They say that finalizing the deal now would prevent the potential for better offers for their shares throughout the year.Warren Buffett, one of the world's richest men, has a vast portfolio that includes many of today's biggest companies.
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