Hess files to spin off retail business
New York -- Hess Retail Corporation, a wholly-owned subsidiary of global energy company Hess Corporation, has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission. The form contains a preliminary information statement about the potential terms and conditions of a spin-off of Hess Retail Corporation to the stockholders of Hess Corporation.
It also includes information about Hess Retail Corporation as a standalone company, including financial, capital structure, business, risk factor and management and governance information. Hess Corporation has received a Private Letter Ruling from the Internal Revenue Service that will allow it to distribute the business to stockholders in a tax-free spin-off.
Simultaneous with pursuing a spin of the retail business, Hess Corporation will also solicit offers to purchase the entire retail business from potential buyers. Following receipt of any such offers, the Hess Corporation board of directors will determine which alternative it believes best serves the long-term interests of all Hess Corporation stockholders.