Hess Corporation has received the necessary approval of its stockholders for closing the company’s merger with Chevron Corporation. At a special meeting of Hess stockholders, a majority of the outstanding shares of Hess common stock were voted in favour of the adoption of the merger agreement.
'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. 'Together we will be positioned as a premier integrated energy company, with the leadership, asset portfolio and financial resources to deliver significant shareholder value for years to come.'
The final voting results on the proposals voted on at the special meeting will be set forth in a Form 8-K that Hess will file with the U.S. Securities and Exchange Commission after certification by its inspector of election.
No approval of Chevron stockholders is required in connection with the merger. Completion of the merger remains subject to other closing conditions, including expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfactory resolution of ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement. Chevron and Hess are working to complete the merger as soon as practicable.
Source: Hess
