In an all-stock transaction, Chevron will pay US$171 per share for Hess, a premium of about 10% to the 20-day average price, according to a statement from the companies on Monday. Hess shareholders will receive 1.025 shares of Chevron for each Hess share, giving the company a total enterprise value of US$60 billion, including debt.
Chevron Corp agreed to buy Hess Corp for US$53 billion, a deal aimed at boosting production growth as the US oil industry bets on an enduring future for fossil fuels.
