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...Discover’s stock is trading at a roughly 15 per cent discount to the all-stock deal price, reflecting investor doubts about the acquisition....
...Shares in Hess fell 4 per cent in after-hours trading, while Chevron’s dropped 1 per cent. Exxon’s shares were little changed....
...Exxon has begun an arbitration process against Chevron over the latter’s $53bn deal for Hess, arguing it has the right of first refusal over Hess’s stake in the oil-rich Stabroek Block off the coast of Guyana...
...Hess and Cnooc did not respond to requests for comment....
...Mikells reiterated Exxon’s belief that it had a pre-emption right to Hess’s Guyana asset....
...Acquiring the Hess portion of Stabroek would involve, among other things, paying off Hess’s capital gain taxes....
...Chevron is hoping it has struck an equally shrewd deal with the Hess family. On Monday Chevron said it would acquire Hess Corporation, the listed oil and gas driller, at an enterprise value of $60bn....
...is a change of control at Hess....
...Hess’s chief executive John Hess, who is expected to join Chevron’s board, said the merger would create a “premier integrated energy company”....
...But he insisted the Hess announcement had not been influenced by dealmaking elsewhere....
...Hess, analysts said, had long been a prime target....
...Changing that impression may still require Hess-like effort — 24/7. helen.thomas@ft.com...
...In October two US oil and gas giants announced massive deals: Chevron bought Hess, and ExxonMobil acquired Pioneer Natural Resources....
...Over the past few months ExxonMobil agreed to acquire shale group Pioneer Natural Resources for $60bn, Chevron reached a deal to buy Hess for $53bn and chip design toolmaker Synopsys announced the takeover...
...Shares in Chevron were up 1.1 per cent in pre-market trading in New York, while Exxon rose 0.7 per cent....
...Exxon’s shares fell 2 per cent in early New York trading on Friday, while Chevron’s dropped 5.5 per cent....
...Donald Trump’s social media business has risen 20 per cent in pre-market trading, potentially unlocking billions of dollars for the former US president as he faces mounting legal challenges....
...Days later, Chevron struck a deal to purchase Hess at an EV of $60bn. Both of deals are all-share transactions. This allows Exxon and Chevron to eschew pricey debt. That will not be the case for Oxy....
...Shortly afterwards, Chevron unveiled a $53bn acquisition of US oil company Hess....
...TMTG has gained one-third in value since it began trading on Tuesday after its merger with Digital World Acquisition Corp....
...Some of these bonds are trading at little over 70 pence in the pound, as investors have grown more nervous about the potential for deep impairments....
...“Maintaining listings which only have small volumes of trading can result in reduced liquidity at a higher price,” they added....
...Just two companies — Hess and Cnooc — replied to 35 letters sent out by Exxon seeking partners when Shell pulled out of the consortium in 2014, he said....
...Trading volume for TMTG, which last month merged with Digital World Acquisition Corp, was double its 20-day average early on Friday, according to Bloomberg data....
...And in acquiring Hess, Chevron will become one of the largest producers in the Bakken Formation (and gains a foothold in Guyana, where Exxon already has a leading presence)....
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