Hess Corp (
) lost small early gains and is now down 1.4% at $71.05 but above a
day low $70.65 as a proxy fight for control of the oil and gas
company continues to heat up, with Elliott Management today filing
new documents asserting " the record clearly demonstrates the
history of a CEO focused more on maintaining a family dynasty than
instilling accountability and addressing chronic
Among the factors Elliott cites for bringing in a new chief
implementing other changes at the company are its contention HES
underperformed by 460% during the CEO's tenure, including a 50%
the past two years. It also stated the company has been in a
perpetual, ineffective restructuring" for 17 years.
Separately, yesterday HES announced that it had entered into an
agreement with OAO LUKOIL to sell 100% of its Russian subsidiary
Samara-Nafta for a total consideration of $2.05 billion.
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