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Chevron acquires Hess for $53B
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Secret contract clause ignited a 20-month war between two global oil giants
A single line buried in an old contract kicked off a 20-month battle between ExxonMobil and Chevron over the biggest offshore oil discovery in years.
Chevron Corp. (NYSE: CVX) has agreed to acquire New York-based Hess Corp. (NYSE: HES) in an all-stock transaction valued at $53 billion. Including debt, the transaction totals about $60 billion.
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