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.

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.

STORY: Chevron sealed the deal for its $55 billion takeover of Hess on Friday, giving the energy giant access to the largest oil discovery in decades.Chevron completed the acquisition after winning a landmark legal battle against its larger rival Exxon Mobil,