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Dealmakers in the energy space can probably join Jamie Dimon and others in criticizing proxy advisory firms. On Monday, ISS recommended Hess shareholders abstain from voting to support its proposed $53 billion combination with Chevron. The proxy advisor said that shareholders need more time to see how an arbitration battle between Hess and Exxon over certain assets shakes out. ISS is calling for a delay to the vote, which is currently scheduled for May 28. Exxon, for its part, is facing its own tussles, after Glass Lewis urged shareholders to vote against the company’s lead independent director due to Exxon’s recent "unusual and aggressive tactics" against climate-focused shareholder activists Follow This and Arjuna Capital.
Across the pond, BHP intensified its pursuit for Anglo American, submitting a new, $43 billion bid for the South African miner. Anglo rejected the offer and in response announced that it will sell four of its business units, including its De Beers diamond business. Breakingviews’ Karen Kwok points out that Anglo's “unconventional" defense strategy could generate more value to shareholders compared to BHP's offer but doesn't completely close the door to a potential future takeover.
On a completely different front, if you’re looking for some fun reading on the latest meme stock frenzy, check out Matt Levine’s piece on GameStop.
Have a great weekend,
GPP Team
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