Hess offers three board seats to Elliott, ends proxy fight


Activist investor Elliott Management will settle for three seats on the board of Hess Corp and support the oil producer's five director nominees to end a proxy fight.

Hess and Elliott Management said in a joint statement that the oil company's reconstituted board would continue to comprise 14 members. Nine of the existing 14 directors would be replaced after the company's annual meeting on Thursday.

Continue Reading Below

(Reporting By Thyagaraju Adinarayan; Editing by Robin Paxton)