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US oil giant Chevron to buy rival Hess for $53 bn
US oil giant Chevron to buy rival Hess for $53 bn
Economy
by  AFP

US energy giant Chevron will buy its rival Hess for $53 billion in an all-stock deal, the companies announced in a joint statement on Monday. Chevron's deal values Hess's equity at $53 billion, while the total enterprise value of the transaction, including debt, is $60 billion, according to the statement.