Hedge fund Elliott Management Hess’ largest shareholder accused company management of poor oversight and over a decade of failures.
Elliott, which holds a 4 per cent of stake in Hess is also is also pushing to seat five outsiders on the board. Hess rejected Elliot nominees on Monday.
Now Hess made an announcement that Hess is getting out of the gas station business and ridding itself of its energy trading and marketing business. Hess plans to sift its focus further into production and exploration.
Hedged fund Elliott management also Argentina’s prominent distressed debt creditor has been in ongoing legal fight with Argentina.