Traders Wager $10 Billion On Chevron-Hess Deal Beating Exxon Case

Merger-arbitrage funds’ biggest wager of the year faces a crucial test in the coming days, as a private arbitration panel begins hearing Exxon Mobil Corp.’s (XOM) challenge to Chevron Corp.’s (CVX) $53 billion takeover of Hess Corp. (HES).