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Reuters
Hess contests claims of inadequate disclosures in Chevron deal
HOUSTON, May 7 (Reuters) –Oil producer Hess HES.N on Tuesday said it disputes claims in several shareholder letters and at least two lawsuits alleging inadequate disclosures over its proposed sale to Chevron CVX.N.
The claims, filed in federal court in New York and the Delaware Court of Chancery, seek to further delay or block the $53 billion deal. Hess shareholders are scheduled to vote May 28 on the deal.
The allegations of deficient disclosures in the deal proxy “are without merit and (Hess) intends to defend against the matters and any subsequent demands or filed actions,” the company said in a securities filing on Tuesday.
The U.S. Federal Trade Commission is reviewing the deal, which also has been challenged by Exxon Mobil XOM.N, which claims a right of first refusal to Hess’ prized Guyana assets.
Reporting by Gary McWilliams; Editing by Leslie Adler
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