Chevron Corp CVX shares are trading lower by around 3% after it penned a deal to acquire Hess Corp HES for $53 billion or $171 per share in an all-stock transaction.<br /><br />The transaction price represents a premium of 10.3% on a 20-day average based on closing prices on October 20, 2023.<br /><br />As per the terms, HES' shareholders will get 1.0250 shares of CVX for each stock held. The deal's total enterprise value, including debt, is $60 billion.
