The conclusion of the saga removes a stock overhang for Chevron and paves the way for the $53 billion deal to close immediately, which the oil giant said it could happen within a couple of days.

A ruling from the International Chamber of Commerce has cleared Chevron's $53 billion acquisition of Hess, ending one of the biggest battles between two majors in decades.

Arbitrators cleared the way for the long-delayed $53 billion acquisition after Exxon tried to pre-empt the deal.

It’s a big win for Chevron. Buying Hess without the Guyana project would have wiped out the biggest upside from the deal.

Critical ruling gives Chevron the go-ahead for $53B Hess deal, and access to one of the biggest oil finds of the decade

Chevron will proceed with its $53 billion acquisition of Hess after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades off the coast of Guyana.

Chevron Corp. has prevailed in a 20-month fight to buy Hess Corp. for $53 billion, overcoming a challenge by arch rival Exxon Mobil Corp. that was unprecedented in the modern history of Big Oil. Most Read from BloombergThe Dutch Intersection Is Coming to Save Your LifeMumbai Facelift Is Inspired by 200-Year-Old New York BlueprintAdvocates Fear US Agents Are Using ‘Wellness Checks’ on Children as a Prelude to ArrestsLA Homelessness Drops for Second YearManhattan,

Chevron struck the deal to acquire Hess in October 2023. Exxon tried to block the move last year, saying it had a right of first refusal to buy Hess’ Guyana assets because of its joint operating agreement with Hess and the China National Offshore Oil Corp., or Cnooc, for the Stabroek Block.

Hess is being acquired by Chevron after the energy company won arbitration with rival Exxon. Robinhood and AppLovin are two of its possible replacements in the S&P 500 index.