Hess Files for Tax-Free Spinoff of Gas-Station Network
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Hess Corp., the U.S. oil producer that came under pressure from activist investor Paul Singer to streamline operations last year, filed paperwork for the spinoff of its gasoline stations.
The separation would be tax free and distribute all shares in newly formed Hess Retail Corp. to holders of Hess Corp., according to a filing by the New York-based company today. Hess will continue to seek a buyer for the unit while pursuing the spinoff, which may occur this year, said Dennis Moynihan, a company spokesman.