Hess holder D.E. Shaw plans to abstain from vote on Chevron deal - Bloomberg

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D.E. Shaw, one of the top 15 shareholders of Hess Corp. (NYSE:HES) plans to abstain from voting on its planned $53 billion sale to Chevron (NYSE:CVX). The investment firm plans to follow the ...

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Shaw plans to abstain from vote on Chevron deal - Bloomberg\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-17 23:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4107976-hess-holder-de-shaw-plans-to-abstain-from-vote-on-chevron-deal-bloomberg><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>D.E. Shaw, one of the top 15 shareholders of Hess Corp. (NYSE:HES) plans to abstain from voting on its planned $53 billion sale to Chevron (NYSE:CVX).  The investment firm plans to follow the ...</p>\n\n<a href=\"https://seekingalpha.com/news/4107976-hess-holder-de-shaw-plans-to-abstain-from-vote-on-chevron-deal-bloomberg\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0300736062.USD","symbol_name":"FRANKLIN NATURAL RESOURCES \"A\" (USD) ACC","start_time":0,"source_url":"https://seekingalpha.com/news/4107976-hess-holder-de-shaw-plans-to-abstain-from-vote-on-chevron-deal-bloomberg","article_id":"2436949960","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1384981865/image_1384981865.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2436949960","pubTimestamp":1715960979,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"D.E. Shaw, one of the top 15 shareholders of Hess Corp. 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Shaw, one of the top 15 shareholders of Hess Corp. (NYSE:HES) plans to abstain from voting on its planned $53 billion sale to Chevron (NYSE:CVX).  The investment firm plans to follow the recommendation of proxy firm ISS, which on Monday recommended that Hess (HES) holders abstain from voting while waiting for more details to emerge on the arbitration process with Exxon Mobil (NYSE:XOM) over a massive oil block off the coast of Guyana, according to a Bloomberg interview with DE Shaw Managing Director Jason Singer. DE Shaw owns 4.38 million Hess shares as of March 31.   “The transaction, as currently structured, doesn’t contemplate the time it takes to arbitrate with Exxon,\" Singer told Bloomberg. \"As long-term holders, we believe Hess is a high-quality company with attractive assets and a bright future.” DE Shaw follows HBK Capital, which owns 8.32 million shares, and told Bloomberg on Monday that it plans to abstain from the holder vote. At least five of the top 20 Hess (HES) shareholders are expected to abstain, a person familiar told Seeking Alpha on Thursday. Most of the merger arb hedge funds that own Hess (HES) plan to vote to abstain, the person familiar added.  The DE Shaw news comes after proxy adviser Glass Lewis on Thursday recommended that Hess (HES) holders vote to approve the sale to Chevron (CVX).  \"Hess shareholders will have the opportunity to participate in the potential future upside of the combined company through their receipt of newly-issued Chevron shares as the sole form of merger consideration in the deal, \" Glass Lewis wrote in the report.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2436949960"}