(Reuters) – Oil producer Hess said on Tuesday it is currently facing three lawsuits over inadequate disclosure of its proposed sale to Chevron.
Chevron offered to acquire Hess last October in an effort to gain a foothold in the lucrative offshore fields of oil-rich Guyana. However, the deal has stalled due to a conflict with Exxon Mobil and pending approval by the Federal Trade Commission.
All three lawsuits seek to further delay or block the $53 billion deal. Hess shareholders will vote on the deal on May 28.
The allegations regarding deficient disclosures “are without merit,” the company said in a securities filing Tuesday, but added that it voluntarily supplemented the proxy statement “to challenge plaintiffs’ disclosure claims and to avoid inconvenience, potential costs and to avoid delays”.
In addition to these lawsuits, several alleged Hess shareholders have sent demand letters alleging similar deficiencies.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Vijay Kishore)
