Chevron to buy Hess Corp for $53 bln in all-stock deal
Economy
23 October, 2023, 03:55 pm
Last modified: 23 October, 2023, 03:57 pm
Photo: Reuters
Chevron Corp (CVX.N) said on Monday it will buy smaller rival Hess Corp (HES.N) in a $53-billion all-stock deal.
Chevron is offering $171 for every Hess share, implying a premium of about 4.9% to the share's last close.
CEO John Hess of Hess Corp, is expected to join Chevron's board of directors once the deal closes, the companies said in a statement.
The deal comes weeks after rival Exxon (XOM.N) made a $60 billion offer for Pioneer Natural Resources (PXD.N) that would make it the biggest producer in the largest U.S. oilfield.
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