March 8, 2018 / 2:25 PM / 11 days ago

Elliott Management supports Hess buyback on eve of proxy deadline

HOUSTON, March 8 (Reuters) - Elliott Management pulled back from efforts to call for substantial changes at oil company Hess Corp on Thursday on the eve of the deadline to nominate directors for the company’s board.

Elliott said it supported Hess’s $1 billion share buyback program announced earlier Thursday and the company’s planned operating review.

Elliott, the activist hedge fund led by billionaire Paul Singer, previously called for changes at Hess Corp in a heated 2013 proxy fight. At that time Hess conceded to an agreement that added three Elliott appointees to the board. (Reporting By Jessica Resnick-Ault)

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