Known for its white-and-green gas stations, the Hess
Corporation announced on Monday a plan to sell off its retail and refining
operations and focus primarily on oil production, according to the NYTimes' Dealbook.
The streamlining comes as it seeks to fight off an activist
investor, the hedge fund Elliott Management, although Hess presented the new
strategy as the culmination of a multiyear campaign.
Despite the changes announced by Hess, including six new
directors, Elliott said significant problems remained….
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