Reported about 10 hours ago
Elliott Investment Management has acquired a stake exceeding $2.5 billion in Phillips 66, with plans to advocate for operational changes to enhance the company's stock value. Sources indicate that Elliott aims to push for the sale or spin-off of Phillips 66's midstream business and has previously accepted a performance improvement plan offered by the company. Despite recent efforts, Elliott believes further board changes are necessary, positioning itself among the top five investors in Phillips 66.
Source: YAHOO