Chevron Corp.’s $53 billion deal to acquire Hess Corp. suffered a potential blow Monday as an influential adviser said investors should abstain from voting for the deal.
Proxy adviser Institutional Shareholder Services Inc. said Hess shareholders should withhold their votes, citing concerns about the transaction’s valuation, process and uncertainty around the timeline of the arbitration case between Exxon Mobil Corp. and Chevron over a stake in a Guyanese oil project. Hess shareholders should vote in favor of an adjournment proposal to allow “more time” for arbitration to play out, ISS said.
Meanwhile, HBK Capital Management, one of Hess’ biggest investors ...
