Elliott, Hess Strike Deal

May 16 2013 | 11:42am ET

Elliott Management demanded five board seats at Hess Corp. The oil and gas company responded with an offer of two. The sides have settled on three.

With just hours to go before Hess' annual meeting, Hess agreed to add three of the hedge fund's nominees to its board—after its slate was elected at the meeting. Elliott said it would now back that slate, all of whom are new to the board and independent of Hess management.

"We are pleased to reach an agreement that we believe is in the best interests of Hess shareholders, and we welcome each of our new directors," CEO John Hess said.

"We are pleased to welcome a highly qualified and refreshed board at Hess," Elliott's John Pike said.

The deal between the sides was struck late last night; Hess was reportedly pushed by several large shareholders who wanted to seat some of Elliott's nominees. Elliott's slate was reportedly leading Hess' nominees heading into today's meeting.

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