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International arbitration in 2026 M&A and securities disputes: Exxon-Hess lessons on pre-emption/ROFR and change-of-control, US SEC policy on mandatory arbitration, confidentiality, and award enforceability

Published on: 26 January 2026

Published by a Law360 reporter
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Article summary

2026 international arbitration trends M&A and securities disputes

Settling M&A and securities conflicts is becoming ever more intricate, notably in cross-border deals and joint ventures that bring multiple stakeholders to the table. Global M&A volumes rose by 10% in the first nine months of 2025 versus the same period in 2024, underscoring the continued rise of high-profile mergers and acquisitions. As transaction values and strategic stakes climb, so too does the scope for contention around contractual terms, including rights of first refusal (ROFR) and change of control clauses.

  • High-profile arbitration among Exxon Mobil Corp, Hess Corp, Chevron Corp and China National Offshore Oil Corp (CNOOC) concerning a joint operating agreement
  • Adjustments by the US Securities and Exchange Commission (SEC) to its long-standing opposition to mandatory arbitration clauses in public company registration statements

These developments highlight critical considerations when drafting relevant agreements and arbitrating M&A disputes.

The Exxon-Hess arbitration

Among 2025’s standout M&A arbitrations was the dispute stemming from the Stabroek Block joint venture between Hess, Exxon and CNOOC, relating to offshore exploration and drilling off the coast of Guyana...

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