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Hess Corp. ended a four-month proxy battle with billionaire Paul Singer’s Elliott Management Corp., adding three of the activist investor’s five board nominees and heading off a shareholder vote on competing candidates.
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Hess Corp., the oil company that’s in a proxy battle with billionaire Paul Singer’s Elliott Management Corp., said it will strip Chief Executive Officer John B. Hess of the chairmanship after its annual meeting next week.
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U.S. stocks advanced, as the Standard & Poor’s 500 Index rallied for a third straight week, on optimism that the U.S. economy is improving amid central-bank monetary stimulus.
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Hess Corp. shareholders should elect all five directors nominated by billionaire Paul Singer’s Elliott Management Corp. at a May 16 annual meeting, proxy adviser Institutional Shareholder Services said.
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General Electric Co.’s severance accord with retiring executive John Krenicki will keep him from competing with the company for three years. That may say more about his value than the $12.9 million in cash he will receive.
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General Electric Co. is targeting annual sales of $100 billion from its energy unit, whose equipment provides more than a quarter of the world’s power, within the next decade.
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Lack of U.S. and international energy policies is allowing trade barriers that curb the spread of so-called green technologies and make them more expensive, General Electric Co. Vice Chairman John Krenicki said.
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General Electric Co. agreed to buy most of Converteam from Barclays Private Equity Ltd. and LBO France for $3.2 billion to add equipment that helps electricity flow to the power grid from devices such as wind turbines.
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Hess Corp. Chairman and Chief Executive Officer John Hess said his plans to shed several units and focus on oil exploration and production aren’t a response to criticism from activist shareholder Paul Singer’s Elliott Management Corp.
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General Electric Co. expects to double energy revenue from Saudi Arabia in the next five years by increasing sales of gas power turbines, curbing the amount of oil needed locally to produce electricity.
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