secwatch.observer — SEC 8-K summary
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Issuer:     CHEVRON CORP (CVX)
CIK:        0000093410
Form:       8-K
Filed at:   2023-10-23T23:59:59+00:00
Accession:  0000950142-23-002670
Event type: m_and_a
Sentiment:  neutral
Materiality: 1.00
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Chevron to acquire Hess in all-stock merger; each Hess share gets 1.025 Chevron shares
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- Hess shareholders to receive 1.025 Chevron shares per share of Hess common stock.
- John B. Hess, owner of ~9.5% of Hess shares (29.2M shares), agrees to vote in favor via Voting and Support Agreement.
- Boards of both companies unanimously approved the merger; expected close by early 2024 subject to approvals.
- Transaction conditioned on Hess stockholder adoption, HSR waiting period expiration, and other customary conditions.
- Termination fee of $1.715B payable by Hess if it terminates for a superior proposal or changes recommendation.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/93410/000095014223002670/0000950142-23-002670-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/93410/000095014223002670/eh230413259_8k-agmt.htm
  HTML page:      https://secwatch.observer/filing/0000950142-23-002670

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer