Phillips 66 (PSX)
- Reuters
US refiner Phillips 66 retains big-name advisers for Elliott duel
Elliott wants two board seats to be filled by executives with refining experience and faster action on restructuring the fourth-largest U.S. oil refiner to improve its lagging financial performance, the New York activist said on Wednesday. Phillips 66 is relying on financial and legal advice from Goldman Sachs and Wachtell, Lipton, Rosen & Katz, the person familiar with the matter said.
- Reuters
Phillips 66 to continue 'constructive dialogue' with Elliott Investment
The activist investment firm has taken a $1 billion stake in Phillips 66, flagging that the company's stock, recently trading at about $118 per share, could hit $200 with improvements. It said management had laid out sensible performance targets but could use help achieving its full potential. "We agree with Elliott that successful execution of our strategic priorities will drive substantial stock price performance and believe that we have the right management team and Board in place to deliver long-term, sustainable value," the refiner said in a statement after the markets closed.
- Reuters
UPDATE 1-Phillips 66 to continue 'constructive dialogue' with Elliott Investment
Phillips 66 said on Wednesday it "plans to continue a constructive dialogue" with Elliott Investment Management after the company asked the U.S. refiner to revamp its board to boost lagging performance. The activist investment firm has taken a $1 billion stake in Phillips 66, flagging that the company's stock, recently trading at about $118 per share, could hit $200 with improvements. "We agree with Elliott that successful execution of our strategic priorities will drive substantial stock price performance and believe that we have the right management team and Board in place to deliver long-term, sustainable value," the refiner said in a statement after the markets closed.
