Technically, Hess Retail Corporation (the proposed new entity for a spinoff) filed an Information Statement on Form 10, which is not the same thing as a registration:
Unlike a registration, an Information Statement can be filed with the SEC before the company in question formally exists.
A spinoff of HES’ retail business is preferable from a tax standpoint (provided that the IRS issues a favorable private letter ruling), but HES might opt to sell the retail business if they can get a good price and find a way to make the tax bite less onerous. The impetus for a sale rather than a spinoff is that a spinoff does nothing to shore up HES’ balance sheet.
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