Hess Shares Rise Premarket, Chevron Shares Slip on $53 Billion Takeover

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 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...