Hess Continues Slimdown With Retail Gas Spinoff, Sale Plans

Law360, New York (January 8, 2014, 11:53 AM EST) -- Hess Corp. on Wednesday unveiled plans for a tax-free spinoff of its retail gas station network and search for buyers for the newly formed entity, adding to a string of divestments made after a bitter proxy battle with activist hedge fund Elliott Management Corp.

The move comes after the New York-based oil giant received permission from the Internal Revenue Service to distribute all shares in the newly formed Hess Retail Corp. to existing shareholders on a tax-free basis, according to a filing with the U.S. Securities...
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