Hess Divests As Elliott Bids Up To $800M For Stake

Law360, New York (January 28, 2013, 12:00 PM EST) -- Hess Corp. said Monday that it would sell its terminal network and the rest of its refining business after announcing that hedge fund Elliott Associates LP is seeking to buy up to $800 million in the New York energy giant.

With the sale of its terminal network on the East Coast and the divestment of its Caribbean oil terminal and Port Reading, N.J., refinery, Hess will complete its transition from an integrated oil and gas company to an exploration and production firm, chairman and CEO John...
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