Activist investor Elliott Management Corp. is readying for a new fight with U.S. oil and gas producer Hess Corp. hoping it can remove its CEO John Hess, or push him to sell all or part of the company, The Wall Street Journal reported on Dec. 14.
New-York based Elliott, which owns 6.7% of Hess, is seeking changes including a dividend cut in “favor of stock buybacks”, the Journal reported, citing people familiar with the matter.
A Hess spokeswoman was not immediately available to comment.
Elliott Management had earlier called for the breakup of the company and said it may nominate directors to its board.
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