Hess’ Retail Spinoff Saga Ends With Sale of Downstream Assets to Marathon Petroleum

We didn’t really cover this saga, but last year Hess Corporation (HES) was embroiled in a heated proxy battle with Paul Singer’s Elliott Management. The fund argued (and put together a nice presentation) that the company was poorly managed, had lousy governance (too many cronies on the board) and was undervalued on a sum of the parts basis.… Read More »