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Chevron (NYSE:CVX) 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.
The deal comes weeks after rival Exxon (NYSE:XOM) made a $60 billion offer for Pioneer Natural Resources (NYSE:PXD) that would make it the biggest producer in the largest U.S. oilfield.
