Proxy Fight for Control of Hess Corp. Heats Up - Shares Down 1.4%, Above Day Lows


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Hess Corp ( HES ) 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 underperformance."

Among the factors Elliott cites for bringing in a new chief executive and

implementing other changes at the company are its contention HES shares have

underperformed by 460% during the CEO's tenure, including a 50% shortfall over

the past two years. It also stated the company has been in a "state of

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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Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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