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Hess (New York Stock Exchange: HES) shareholders approved the oil producers' planned $53 billion sale to Chevron (New York Stock Exchange:CVX).
Hess (HES) holders approved the mega oil deal in a vote on the transaction on Tuesday, according to a person who listened to a webcast of The vote.
Chevron (CVX) did not immediately respond to Looking Alpha's request for comment.
The approval comes as there was some controversy surrounding the vote, with some shareholders and proxy service ISS recommending that holders abstain from the vote citing the valuation of the deal and uncertainty over the timeline of the arbitration case between Chevron (CVX) and Exxon Mobil (XOM) regarding a stake in the massive oil project off the coast of Guyana.
Rival proxy service Glass Lewis recommended earlier this month that Hess (HES) holders vote in favor of the deal. Hedge funds DE Shaw, Pentwater Capital and HBK Capital have reportedly said they plan to abstain from the vote.
Exxon (XOM) filed an arbitration case challenging Hess' (HES) proposed sale to Chevron (CVX), claiming it had the first right to purchase Hess's stake in the block. Chevron and Hess disagree with the statement.
Last week, advisors at Hess (HES) appeared confident of getting enough shareholder support for the Chevron (CVX) deal.
