Under Pressure, Hess Sells Retail OperationsMark Melin
Activist investor Paul Singer notched yet another high profile victory, as Marathon Petroleum Corp (NYSE:MPC) agreed to acquire Hess Corp. (NYSE:HES)’s gasoline stations and retail stores for $2.87 billion today.
Hess under pressure from activist hedge funds
Singer’s hedge fund Elliott Management and other activist funds had been pressuring Hess Corp. (NYSE:HES) to change their management approach and were granted three board seats, awarded to Singer loyalists . . .
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