Chevron to Acquire Hess in $53 Billion Deal
Chevron announced on Monday that it will be purchasing its smaller competitor, Hess, in an all-stock deal valued at $53 billion.
Under the agreement, Chevron will offer $171 for each share of Hess, representing a premium of approximately 4.9% compared to the closing price of Hess shares.
Once the deal is finalized, CEO John Hess of Hess Corp. is expected to join Chevron’s board of directors, according to a statement released by both companies.
This acquisition comes shortly after Exxon made a $60 billion bid for Pioneer Natural Resources, aiming to become the leading producer in the largest oilfield in the United States.
Please note that this is breaking news and further updates may follow.
