Activist investor Elliott Investment Management has taken a $2.5 billion stake in U.S. refiner Phillips 66 and is pushing for a spinoff of its midstream business and operational improvements. This follows a similar campaign last year where Elliott pushed for refining expertise on the board. Phillips 66 has responded diplomatically, but Elliott's history of shaking up companies suggests significant changes may be on the horizon.
Elliott Investment Management is at it again, this time sinking its teeth into U.S. refiner Phillips 66 with a $2.5 billion stake and a laundry list of demands. The aggressive activist investorbest known for shaking up boardrooms and strong-arming CEOs into 'unlocking value' i.e., making changes that boost Elliott's returnswants Phillips 66 to spin off its midstream business and tighten up operations. If this feels like dj vu, that's because it is.
Phillips 66, for its part, is keeping things diplomatic, saying it 'welcomes constructive dialogue' with Elliott. That's investor relations speak for 'we know they're not going away, so let's not start a fightyet.' But Elliott doesn't show up just to chat. It plays for control. And given its track record, Phillips 66 execs are probably sweating. Just ask BP, where Elliott very recently took a position and promptly started agitating for a strategic reset.
ACTIVIST INVESTOR PHILLIPS 66 SPINOFF MIDSTREAM BUSINESS CORPORATE GOVERNANCE
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