Hess to spin off gas stations-convenience stores

Hess no longer thinks owning 100 percent of its stations and convenience stores is such a gas.

The oil giant has filed plans to spin off its 1,258 gas station-convenience stores to shareholders.

The unit, which Hess claims is the largest convenience store chain in the Northeast, could be valued at roughly $1.5 billion.

Shares of the Manhattan-based company gained 1 percent, or 83 cents, to close at $81.69.

Hess has been quietly trying to sell the retail business for months, taking bids first in September.

The move to spin off the stations — which will continue to bear the Hess name — indicates the sale process either failed to attract a high enough price or that a potential buyer was likely to change the name of the stations, a move that didn't sit well with Hess brass, a banking source told The Post.

The company is under pressure to show it is selling noncore assets ahead of its May annual meeting.

Activists — including Paul Singer's Elliott Associates — will soon determine whether to launch a second proxy fight in as many years. Elliott has been pushing the company to split its US and international assets. Hess has not been willing to go that far.

"A gas sale would be nice, but it is not central," a Hess shareholder, who wants more change, told The Post.

"We will have to decide if [CEO] John Hess is an impediment or not," he added.

Last spring Elliott and other activist investors succeeded in winning three board seats in a proxy fight.

Anda sedang membaca artikel tentang

Hess to spin off gas stations-convenience stores

Dengan url

http://makananrasaenak.blogspot.com/2014/01/hess-to-spin-off-gas-stations.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Hess to spin off gas stations-convenience stores

namun jangan lupa untuk meletakkan link

Hess to spin off gas stations-convenience stores

sebagai sumbernya