Hess Corp. (NYSE:HES) saw its stock rise, up 1.2% to $165, with the news that Chevron is to buy its US oil peer for $53 billion, in stock. Pitched at $171 per share the notional deal price represents a premium to Friday’s closing price.
It adds to Chevron, Hess’s interests in the Bakken shale and its 30% stake Guyana’s prolific Stabroek block (host to 11 billion barrels of discovered resources), with the combined company expected to “grow production and free cash flow faster and for longer”. Read more
M&A was a feature elsewhere too, as shares in Textainer Group (NYSE:TGH) climbed in pre-market trading, up 42% to $48.55, after it agreed to a US$7.4 billion sale to investment firm Stonepeak. The deal, which will see Stonepeak buy its shares for US$50 each, was announced on Sunday. Read more
Roche inked a $7.1 billion deal to buy Telavant, a company owned by US rivals Roivant and Pfizer Inc (NYSE:PFE), that has developed an early-stage inflammatory bowel disease treatment. Read more
TotalEnergies SE (NYSE:TOT, EPA:TTE) has penned a deal to partner with two companies on the development of a major offshore wind farm which is envisaged to power over a million homes in New York state and New Jersey. Corio Generation and Rise Light & Power have bought 27.7% and 16.3% of the project respectively. Total received $420 million under the agreement, leaving it with a 56% stake in the project. Read more
Bitcoin continued to storm ahead this morning, adding to what has turned out to be a stellar October for the benchmark cryptocurrency. Despite a sluggish first half, the BTC/USDT pair has gained 14% since the start of October, with double-digit growth in the past week alone, thanks to a combination of bullish factors. Read more