Hess offers activist hedge fund Elliott two board seats

NEW YORK: Oil and gas company Hess Corp offered hedge fund Elliott Management two seats on its board as the company looks to avoid losing five seats to the activist at its annual meeting this week.

"Consistent with our commitment to refresh the majority of our board by the end of 2013, we are prepared to add two Elliott nominees whom we would choose in consultation with shareholders," the company said in a statement on Monday. "We would effect this change promptly after Annual Meeting if all five of Hess' new, independent nominees are elected."

Hess shareholders are set to vote on the board nominees on Thursday.

<Center><b><i>Copyright Reuters, 2013</b></i><br></center>