Chevron Corp said on Monday it will buy smaller rival Hess Corp 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. Chevron is offering $171 for every Hess share, as Hess’ CEO is expected to join Chevron’s board of directors once the deal closes.The deal comes weeks after rival Exxon made a $60 billion offer for Pioneer Natural Resources that would make it the biggest producer in the largest U.S. oilfield.
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Chevron to acquire Hess Corp. in $53 billion all-share dealBarbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter bkollmeyer.
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Chevron to Buy Hess for $53 BillionThe company said it would buy Hess in an all-stock deal worth $53 billion, in the latest sign of consolidation in an oil-and-gas industry flush with cash.
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