Reported about 1 month ago
Elliott Investment Management has acquired a stake exceeding $2.5 billion in Phillips 66, an oil refiner, and is advocating for the divestiture or spinoff of its midstream operations. The activist investor, led by billionaire Paul Singer, believes the company has not executed enough board changes and is pushing for restructuring efforts to enhance the stock price, which they estimate could rise by 75% with a renewed focus on refining. Elliott first disclosed its investment in 2023 and has been influential in Phillips 66's ongoing cost-cutting measures, which have led to substantial asset sales.
Source: YAHOO