Hess investors should ‘abstain’ from Chevron vote

Talking point: Chevron CEO Mike Wirth and Hess (left) in an interview on the American TV news channel CNBC on the floor of the New York Stock Exchange. They discussed Chevron’s deal to buy Hess Corp for US$53bil. — Reuters

HOUSTON: Chevron Corp’s US$53bil deal to acquire Hess Corp suffered a potential blow on Monday as an influential adviser said investors should abstain from voting for the deal.

Proxy adviser Institutional Shareholder Services Inc (ISS) said Hess shareholders should withhold their votes, citing concerns about the transaction’s valuation, process and uncertainty around the timeline of the arbitration case between Exxon Mobil Corp and Chevron over a stake in a Guyanese oil project.