Chevron
said Monday it agreed to buy fellow oil company
Hess
in a deal valued at $60 billion, including debt.
Chevron
(ticker: CVX) said
Hess
(HES) shareholders would receive 1.025 Chevron shares in exchange for each of their own shares. That values Hess at $171 a share, based on Chevron’s closing price on Friday.
Hess shares were up 2.9% at $167.76 in premarket trading. Chevron shares were down 2.4% at $162.80.
This is breaking news. More to come.
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