Under fire from activist investor Elliott Management Corp., integrated oil and gas company Hess has turned to its longtime legal advisers from White & Case to handle its largest-ever divestiture.
Hess confirmed Monday that it has agreed to sell its Russian subsidiary Samara-Nafta to Moscowbased energy giant Lukoil for $2.1 billion. The proposed deal is the latest in a series of initiatives Hess has undertaken amid a recent shareholder revolt led by Elliott, an investment vehicle owned by Harvard Law School graduate-turned-billionaire Paul Singer.
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