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HomeAll newsMost read newsBusiness Leaders Biography
Age : 64
Public asset : 2,364,588,452 USD
Biography : John B. Hess holds the position of Chairman & Chief Executive Officer at Hess Midstream Partners LP

Hess Sets Another Buyback Amid Fight With Activist Investor

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03/08/2018 | 03:05pm CEST

By Bradley Olson and David Benoit

Hess Corp. on Thursday announced it would buy back an additional $1 billion in shares, taking steps to head off a potentially nasty proxy fight with activist hedge fund Elliott Management Corp.

The share purchases come one day before the company's deadline for nominating new directors. It is unclear if the plan will be enough for Elliott, which was weighing whether to seek the ouster of John Hess, the company's chief executive.

The hedge fund, which owns more than 6% of Hess shares, had been seeking greater shareholder returns as the company's performance lagged in the last year, according to people familiar with the matter.

The buyback is in addition to $500 million the company had already announced, bringing the total to $1.5 billion. Hess shares rose more than 2% in premarket trading.

Write to Bradley Olson at Bradley.Olson@wsj.com and David Benoit at david.benoit@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
HESS CORPORATION -0.56% 71.64 Delayed Quote.48.54%
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