Jon Pepper News
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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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Elliott Management Corp. boosted its stake in Hess Corp. to 4.39 percent as the activist investor raised the “intrinsic value” it sees in the oil company to $128 a share.
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Hess Corp. agreed to sell Russian subsidiary Samara-Nafta to OAO Lukoil for $2.05 billion in the biggest divestiture ever by the New York-based oil explorer.
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Hess Corp.’s shareholder revolt is taking aim at long-time directors with close ties to the company’s founding family, including two executors of the estate of Leon Hess, who led the oil producer for six decades.
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Even a civil war didn’t stop Valmont Industries Inc. of Omaha, Nebraska, from growing wheat in Libya this year.
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Hetco, the trading unit of New York-based energy firm Hess Corp., opened a new office in Geneva this month.
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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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Hess Corp. exercised its right of first refusal to increase its interest in a pair of Norwegian North Sea offshore fields, hindering Total SA’s sale to BP Plc, which is the operator.
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Elliott Management Corp. said it’s not trying to liquidate Hess Corp. and the New York-based oil company is using “scare tactics” to convince shareholders to support its proposed slate of directors.
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Hess Corp.’s decision to reject board nominees proposed by Elliott Management Corp. and exit its gasoline-station and energy trading businesses isn’t sufficient to resolve shareholder concerns about the company, Relational Investors LLC said.
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