Hess to spin off gas station business

Wed Jan 8, 2014 8:50am EST

Jan 8 (Reuters) - Oil and gas company Hess Corp said it would spin off its gas station business, adding to the list of assets being sold after a campaign by activist investor Elliott Management.

Hess said it had received a ruling from the Internal Revenue Service that would allow it to distribute its retail business to shareholders in a tax-free spinoff.