Hess Corp, Elliott Reach Deal On Board

Hess Corp. (NYSE:HES) and Elliott Management finally peace-out on a four month long proxy fight. Today just before the annual shareholder meeting, both parties agreed on a deal that allows three of the five Elliott nominees to the board of directors and in exchange Elliott will not contest the five board members that Hess Corp. (NYSE:HES) nominates, Bloomberg reports.

Apparently somebody dumped their big stake in Hess Corp. (NYSE:HES) as soon as the news of the deal broke, as shares fell as much as 4 percent . There are a string of hedge funds, including several big names, that bought Hess in the last quarter, so it could be...