Photo: Chet Strange/Bloomberg NewsElliott Investment Management has made a roughly $1 billion investment in Phillips 66 and is pushing for the appointment of two directors as it seeks to bolster the energy company’s fortunes.
In a letter to the Houston-based company’s board, the activist investor outlined what it said is a path to remedying the Houston-based company’s underperformance, improve execution and restore trust with investors.
It said it sees about 75% upside to the current share price by unlocking value for shareholders.
Persons:
Chet Strange
Organizations:
Bloomberg, Elliott Investment Management, Phillips
Locations:
Houston