Hess Corp set May 28 for a special meeting of shareholders to vote on Chevron Corp ‘s $53 billion buyout offer, the company said in a securities filing on Friday.
Chevron last October offered to acquire Hess Corp in a move to gain a foothold in oil-rich Guyana’s lucrative offshore fields. The deal has been stalled by a regulatory review and challenged by Exxon Mobil, which has filed an arbitration claim that could block the deal.
The CEO of the no. 2 U.S. oil producer said on Friday said the company expects to certify in coming weeks it has substantially complied with the Federal Trade Commission’s second request for information.
“We believe that a preemption right does not apply to this transaction and are confident this will be affirmed in arbitration,” CEO Michael Wirth said in a conference call with analysts earlier in the day.
(Reporting by Gary McWilliams)