Hess Shares Rise Premarket, Chevron Shares Slip on $53 Billion Takeover
October 23 2023 - 5:25AM
Dow Jones News
By Colin Kellaher
Hess shares edged higher in premarket trading Monday after the
energy company agreed to be acquired by larger peer Chevron in a
stock swap valued at about $53 billion.
Chevron shares ticked lower.
Chevron said it would issue 1.025 shares, worth $171 based on
Friday's closing price of $166.83, for each share of Hess, a
roughly 5% premium to Friday's closing price for the New York
company.
Chevron, based in San Ramon, Calif., said the deal carries a
total enterprise value of $60 billion, includes net debt and book
value of non-controlling interest.
The transaction is slated to close in the first half of
2024.
Hess shares were recently up 2.4% to $166.85 in premarket
trading, while shares of Chevron slipped 2.7% to $162.40.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 23, 2023 06:10 ET (10:10 GMT)
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