WionDrive News Desk 
Hess, an oil producer, stated on Tuesday it is involved in three litigations that accuse it of failure to make proper disclosures over the proposed takeover by Chevron. In October last year, Chevron sought to acquire Hess in a move that it would allow the firm to access the rich offshore fields in the oil-endowed country of Guyana. Nonetheless, the progression of the deal has been faced with an issue involving Exxon Mobil and the Federal Trade Commission approval that is still pending.
The three suits aims to slow down or block the USD 53 billion deal which is set for a vote by shareholders on May 28. Hess, in a securities filing on Tuesday, has termed the allegations of deficient disclosures as ‘without merit’. However, to exclude any probable legal hurdles in the future, the company has decided to pass an extra supplement to the proxy statement addressing the said concerns.
Apart from the legal actions, Hess has received letters from several individuals claiming to be stockholders, asserting the same misrepresentations of disclosure. This legal issue further complicates the prospects of the proposed deal and shows the tough task that Hess and Chevron have at the moment in terms of regulation and the existing legalities of the acquisition.
