Apr 21, 2025 - Business
Phillips 66 strikes back at activist investor Elliott
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Phillips 66 on Monday went on the attack against Elliott Investment Management, which has been pushing the Houston-based oil refiner to sell or spin off its midstream business.
State of play: In a shareholder letter, Phillips 66 accuses Elliott of being conflicted, because an Elliott portfolio company is simultaneously bidding for Phillips 66 competitor Citgo.
Look ahead: The dispute should get settled next month at a Phillips 66 shareholder meeting, with both sides having nominated directors.
