Elliott Ups Pressure To Split Hess After $800M Stock Buy

Law360, New York (January 29, 2013, 5:06 PM EST) -- Elliott Management Corp. said Tuesday that it would nominate directors to Hess Corp.'s board and push the company to split itself into three parts, cranking up the heat a day after revealing plans to buy up to $800 million worth of stock in the energy company.

Elliott said Hess' shares, which closed last week at $58.90 apiece, could hit $126 — creating $26 billion in new enterprise value — if the company separates its refining, storage and retail business from its oil and gas exploration. The...
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