By Paul Sankey
Published on May 29, 2024 at 7:55 AM
First thought is not only Devon, as always the bridesmaid, but ever the bridesmaid to ConocoPhillips, who trumped them for Shell’s Permian asset package (~$9bn) and now announces the takeover of Marathon Oil. Devon was seen as in pole position to take over MRO; these are multi-basin deals and the best first for MRO were COP or Devon. Second thought, good news to get a decent premium back in oil deals. “It shows a decent …
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By Paul Sankey
Published on May 22, 2024 at 8:58 AM
Hess for Chevron sale shareholder vote Is next week 5/28 Source: Sankey Research, companies for logos Understood that Hess has a high level of passive ownership, around 30%, and insider ownership, around a further ~10% controlled by John Hess. It was therefore seen as a relatively straightforward vote that would be approved, until ISS recommended shareholders vote “Abstain” NOT “Yes”. But ISS seemed to be backward looking, disapproving the deal as agreed, rather than looking …
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By Paul Sankey
Published on May 13, 2024 at 4:08 PM
05/13/2024 13:43:08 *CHEVRON HITS SESSION LOW AFTER ISS SAYS ABSTAIN ON HESS VOTE 05/13/2024 14:38:37 *HESS INVESTOR HBK SAYS IT WILL ABSTAIN IN CHEVRON MERGER VOTE We were chatting to Hess at lunchtime, the company on a sellside ring-around presumably to drum up support for the upcoming May 28th shareholder vote on the CVX deal. One obvious niggling question at lunchtime today, was whether the shareholder vote services would recommend a vote for the deal, …
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