ISS recommends Hess holders abstain on Chevron $53B takeover, Bloomberg reports

Influential proxy giant Institutional Shareholder Services recommended Hess Corp. (HES) investors abstain from voting on the proposed $53B acquisition by Chevron (CVX), Bloomberg News’ Crystal Tse and Kevin Crowley report. ISS cited concerns about the deal’s valuation, process and uncertainty around its timeline given the ongoing arbitration case between Exxon Mobil (XOM) and Chevron over Hess’ stake in a Guyanese oil project. Shares of Chevron have dropped about 1.5% to $163.44 in afternoon trading, while Hess has slipped almost 1% to $159.