Chevron to Buy Hess in $60 Billion Deal. Oil Mergers Are Surging.

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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.

Write to Adam Clark at [email protected]

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