Elliot Management Slates Board Nominees to Shakeup Hess Corp

January 31st, 2013
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In an effort to reshape oil and gas giant Hess Corp, activist hedge fund Elliot Management is considering putting up a slate of board nominees. According to Reuters, Paul Singer’s Elliot Management, which holds a 4 percent stake in the company, has proposed a plan to have Hess Corp. spin-off its U.S. onshore assets as well as its positions in the Bakken shale and Utica shale.

Elliot Management estimates that, by unleashing these assets, the underlying value of Hess Corp. could nearly double from its current value of $68 per share to $126. CEO John Hess, with his 10 percent stake in the company, could present a challenge to Elliot Management’s efforts.
For Detailed Investor Profiles on these Investors, click below:
Elliott Management Corporation
Related People: Brian Miller*; Gordon Singer; Jon Pollock; Paul Singer
Related Entities: Elliott Associates; Elliott International; Elliott Management Corp
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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