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Hedge funds specializing in merger arbitrage are celebrating massive windfalls after Chevron’s $53 billion acquisition of Hess Corporation was finalized. Key players like Citadel and HBK Investments held billion-dollar positions in Hess, anticipating the deal’s success. The 20-month court arbitration concluded favorably, validating their high-stakes bets.
- Hedge funds like Citadel and HBK held $1 billion each in Hess shares ahead of the Chevron acquisition.
- Merger arbitrage strategies involving Hess totaled $10 billion in positions, the highest in the US.
- The 20-month court arbitration concluded favorably, validating analysts' predictions and delivering massive windfalls.
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