Here are the stories making the business headlines across Scotland and the UK this morning.
Chevron to buy oil and gas producer Hess in $53bn all-stock deal
Chevron has announced plans to buy the oil producer Hess Corporation in a $53b (£44b) deal, becoming the second American energy giant to place a vast bet on fossil fuel production this month.
The all-stock takeover, which will increase Chevron’s presence in oil-rich Guyana, was unveiled less than two weeks after another of the world’s largest oil companies, Exxon Mobil, said it would acquire the shale group Pioneer Natural Resources for $59.5bn.
Such major acquisitions have raised expectations of further consolidation across the industry.
"We’ve got too many CEOs per BOE [barrels of oil equivalent] so consolidation is natural," said Michael Wirth, chief executive of Chevron, who added that the world could expect to see other deals.
Aberdeen firm claims new product will make more offshore wind projects viable
Aberdeen firm Balmoral says its new product has the potential to make more offshore wind projects locations viable.
A common problem around the jackets which support the wind turbines is sea water penetrating down into the sea bed around its legs. This force can even damage cables running from the turbines.
This has traditionally been mitigated by rock dumping around the legs but this can be a costly process.
Balmoral, which employs 300 staff in Aberdeen, has developed a solution to this problem which is claims will produce substantial cost savings and environmental benefits.
Read more in today's Press and Journal.
Workers on voluntary Real Living Wage see 10% pay rise
Hundreds of thousands of UK workers will see a 10% pay rise from Tuesday, because their employer is signed up to the voluntary Real Living Wage scheme.
The rise would be a "lifeline" for low-paid workers, the Living Wage Foundation said.
Employers can choose to pay the real living wage, a rate that is higher than the government-set minimum wage.
But the British Chambers of Commerce said there was "a limit to how much new cost firms can absorb".
AG Barr Acquisition: Irn-Bru maker swallows tropical drink brand for over £12m
The Irn-Bru maker is paying more than £12 million in cash to acquire Rio Tropical from Hall and Woodhouse, the brewing and pub business.
Rio has been marketed, sold and distributed on an exclusive licence basis by Barr’s Boost drinks division since 2021.Bosses at the iconic Scottish drinks firm said the deal fitted in with the company’s “brand building business model”.
While an important contributor to a previously announced margin rebuild programme, the transaction is not expected to have a material impact on the group’s profits for the current financial year, ending January 28, 2024, they noted.
Chief executive Roger White said: “As brand builders we are delighted to acquire the Rio brand and secure its long-term position in our wider portfolio. This allows us to realise the benefits of full brand ownership and support Rio’s continued growth. This acquisition is a further positive indication of our strategic ambitions.”