Tuesday, March 5, 2013

Hess to Sell Gas Stations as Part of a Shift in Strategy

From NY Times' Dealbook: Known for its white-and-green gas stations, the Hess Corporation announced on Monday a plan to sell off its retail and refining operations and focus primarily on oil production.

The streamlining comes as it seeks to fight off an activist investor, the hedge fund Elliott Management, although Hess presented the new strategy as the culmination of a multiyear campaign.

Despite the changes announced by Hess, including six new directors, Elliott said significant problems remained….

Read more at http://dealbook.nytimes.com/2013/03/04/hess-to-sell-refining-arm-and-revamp-its-board/

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