News Summary: Hess to sell terminal network
News Summary: Hess plans to sell US terminal network, investor may seek board seats
THE PLAN: Hess Corp. plans to sell its U.S. terminal network and shutter its New Jersey refinery, completing its exit from the refining business and continuing its shift in focus toward exploration and production.
INTERESTED STAKEHOLDERS: The New York-based company also said that Elliott Associates LP and one of its affiliates plan to ask federal regulators for permission to buy a stake in the company and may seek board seats at the company's annual meeting in May.
NO DISCUSSIONS: Hess said the investment firm did not conduct talks with Hess before notifying it of its plans. Hess said the group could ask to buy shares worth more than $800 million. Hess' market capitalization tops $21 billion.
