Hess Corp plans to sell its oil storage terminal network and exit its refining business, and said activist hedge fund Elliott Associates is considering nominating directors to the company's board, sending its shares up 7 percent.Elliott is also looking to purchase shares worth more than $800 million, Hess said.The hedge fund will be able to buy about 13.6 million shares, or a 4 percent stake, based on Hess's Friday closing price of $58.90. The share purchase will make Elliott one of the top three shareholders in Hess, according to Thomson Reuters data.Hess said a law firm representing Elliott Associates informed that the fund is considering nominating candidates for election to the board at the 2013 annual meeting.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.62% or $-0.19/share to $30.61. In the past year, the shares have traded as low as $26.20 and as high as $31.06. On average, 770217 shares of TRI exchange hands on a given day and today's volume is recorded at 271395.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.36% or $-0.11/share to $30.85. In the past year, the shares have traded as low as $26.47 and as high as $31.22. On average, 826879 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 356279.
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