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Major Hess shareholder to abstain from voting on Chevron merger
Kaieteur News – HBK Capital Management, one of the largest shareholders in Hess Corporation is to abstain from voting on the Chevron merger come May 28th.
The shareholders are set to vote on a deal worth a whopping US$53 billion which will allow Chevron to acquire Hess. According to an article carried by Bloomberg, “HBK Capital Management, one of the biggest shareholders in Hess Corporation, is planning to abstain from voting on the oil company’s $53 billion acquisition by Chevron Corp.
The hedge fund agrees with Institutional Shareholder Services Inc. that shareholders should not vote in favour of the deal, one of the firm’s partners, Nikos Panagiotopoulos, said in an interview.” “Hess shareholders are taking all the arbitration risk and should be compensated for the possibility that arbitration goes against them or takes longer than expected,” Panagiotopoulos said. The article also stated that, “HBK has economic interests in more than 8 million shares of Hess, Panagiotopoulos said. That likely makes the fund Hess’ fourth-biggest holder, according to data compiled by Bloomberg. HBK Capital Management manages more than $7 billion in assets.”
Though Hess didn’t immediately respond to requests for comment, Chevron said, “we look forward to Hess obtaining a successful shareholder vote and completing the transaction.”
On Monday Reuters reported that the advisory firm Institutional Shareholder Services (ISS) recommended that Hess shareholders, “abstain from voting for merger. ISS questioned the timing for the vote amid uncertainty around the deal due to an arbitration process filed by Exxon Mobil claiming a right of first refusal (ROFR) over the deal.” It is a possibility that the arbitration case could drag on until 2025. “Investors are presently unable to make an informed assessment of the likely timetable for the ROFR arbitration process,” ISS said. The ISS suggested that Chevron “may want to consider an incentive” to compensate Hess shareholders for a potential delay in the deal closing.
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