Hess Investors Advised by Glass Lewis to Back Chevron Deal

-- Chevron Corp.’s $53 billion deal to buy Hess Corp. received a nod of support from a major proxy advisory firm that said shareholders should vote in favor of it.Dow Average Touches 40,000 Before Pulling Back: Markets Wrap

The conflicting recommendations are creating uncertainty over the outcome of what would be Chevron’s biggest deal in decades. The transaction still needs approval from the US Federal Trade Commission, and must work through arbitration with Exxon that’s likely to last through at least the end of this year.HBK Capital Management, Hess’ fifth-largest investor, has already said it agrees with ISS and plans to abstain when votes are cast May 28.

Exxon filed for arbitration in March to block Chevron’s takeover, saying it has a right of first refusal over Hess’s stake in the Stabroek Block off Guyana.Chevron and Hess contend this right doesn’t apply in the case of a corporate merger. But investors are ultimately in the dark over the issue because the contract is private, ISS said.

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