FT
US energy company Hess spent the first half of last year fighting a battle with activist investor Elliott Management. Almost a year later, the company has announced plans to spin off its gas station and retail business.
Under the plan, Hess shareholders will receive shares in a new Hess Retail company, which will own and run the more than 1,300 petrol stations and convenience stores that Hess has in the US.
In a filing with the Securities and Exchange Commission, Hess said:
The board of directors of Hess believes the separation and the distribution will enable each company to:
pursue a more focused, industry-specific strategy
allocate resources and deploy capital in a manner consistent with its own priorities
Under pressure from Elliott, Hess last year committed to disposing of oil and gas fields in Indonesia and Thailand
