Hess Corp. (HES) said that it has received approval from its stockholders for the proposed merger with Chevron Corporation.
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.
In October 2023, Chevron agreed to acquire all of the outstanding shares of Hess in an all-stock deal valued at $53 billion, or $171 per share. Hess shareholders would receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt, of the deal is $60 billion.
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Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.