Hess Investors Advised by Glass Lewis to Back Chevron Deal (2)

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.

Glass Lewis & Co. issued a report on Thursday saying that while some aspects of the merger are less than ideal, Hess shareholders will have the opportunity to participate in the potential future upside of the combined company through newly issued Chevron shares. The merits are “sound and reasonable,” it said.

The advice is at odds with a report issued Monday by another proxy advisory firm, Institutional Shareholder Services Inc. ISS ...