The conclusion of the saga removes a stock overhang for Chevron and paves the way for the $53 billion deal to close immediately, which the oil giant said it could happen within a couple of days.

Chevron Corp. won its arbitration battle with Exxon Mobil Corp. and has closed its $53 billion deal to buy Hess Corp. more than 20 months after the takeover was announced.

After nearly two years of legal limbo and uncertainty, Chevron (NYSE:CVX) has officially sealed its $53 billion acquisition of Hess Corp.and merger arbitrageurs are walking away with a big win. Top hedge funds like Citadel Advisors,