Exxon Mobil challenges Chevron's $53bn Hess acquisition over Guyana subsidiary change of control.
Exxon Mobil is challenging Chevron's $53bn acquisition of Hess, claiming it involves a change of control of Hess' valuable subsidiary in Guyana. Exxon asserts it should have first been offered the opportunity to buy Hess' stake in Guyana. The outcome of the arbitration, which could drag into next year, may impact Exxon's strategies for Hess' 30% stake in Guyana, which forms 60-80% of the acquisition's value.
July 18, 2024
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