Under Pressure, Hess Sells Retail Operations

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Mark Melin
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Updated on
Hess

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 in 2013 who were looking to shake up the company.  In what the New York Times called one of the biggest corporate governance fights of the year, Elliott vowed a change to what was termed a…

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Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.