Ken Griffin’s Citadel and Other Hedge Fund Giants Win Big on $53,000,000,000 Takeover of US Energy Company: Report

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Several hedge funds are profiting big after their bet that gas giant Chevron would successfully acquire competitor Hess Corporation in a $53 billion deal. Firms that specialize in merger arbitrage are looking at billions of dollars in windfall after a 20-month court arbitration finally concluded on Friday, Bloomberg reports . Merger arbitrage is a trading strategy that involves betting on the outcome of a merger or acquisition, typically by taking long and/or short positions in the stocks of the...