|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.
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