Chevron’s $53-billion Hess deal greenlit after Exxon’s legal challenge fails

Chevron CVX-N has scored a critical ruling in Paris that has given it the go-ahead for a $53 billion acquisition of Hess HES-N and access to one of the biggest oil finds of the decade.

Chevron said Friday that it completed its acquisition of Hess shortly after the ruling from the International Chamber of Commerce in Paris. Exxon XOM-N had challenged Chevron’s bid for Hess, one of three companies with access to the massive Stabroek Block oil field off the coast of Guyana.