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Elliott held talks with private equity as it considered new Bayer campaign

Elliott Investment Management L.P. Has filed a lawsuit in the Delaware Court of Chancery against Phillips 66, seeking that four board seats be up for election at the 2025 Annual Meeting of Shareholders.
Elliott claims that Phillips 66 has not disclosed the number of seats for election and has shown a pattern of poor corporate governance by not adhering to prior commitments.
Phillips 66's alteration of director classes violates its governing documents, as Elliott argues there are only two available seats for election in 2025, which contradicts corporate governance rules.
Elliott has presented a slate of seven director candidates to improve corporate governance and holds a 5.7% economic interest in Phillips 66.

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Financial Times

Center

Elliott held talks with private equity as it considered new Bayer campaign

US hedge fund gauged investor interest in German conglomerate’s consumer health business

3 days ago·London, United Kingdom

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hartfordcitynewstimes.com

+30 Reposted by 30 other sources

Center

Elliott Takes Legal Action to Protect the Rights of Phillips 66 Stockholders

Seeks an Order Requiring That Four Board Seats Be Up for Election at Phillips' 2025 Annual Meeting

4 days ago·Hartford City, United States

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Oil & Gas 360

Phillips 66 to propose new board members amid Elliott battle, WSJ reports – Oil & Gas 360

(BOE Report) – Phillips 66 is expected to nominate two new directors to its board as the proxy fight with activist Elliott Investment Management intensifies, the Wall Street Journal reported on Wednesday citing people familiar with the matter. NEW MEXICO, USA – JULY 22, 2017: Phillips 66 gas station sign and logo. The Phillips 66 Company is an American multinational energy company. The refiner is set to disclose four nominees, including the two n

3 days ago·Denver, United States

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Hedgeweek

Activist Elliott sues Phillips 66 over board elections

Elliott Investment Management has filed a lawsuit against Phillips 66 and its board, aiming to ensure that at least four board seats remain up for election at the company’s 2025 annual shareholder meeting, as part of an ongoing activist campaign, according to a report by Bloomberg. The hedge fund, which holds a $2.5bn stake in the oil refiner, is pushing for leadership and strategic changes, including a potential sale or spinoff of Phillips 66’s…

3 days ago

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bartlesvilleradio.com

Bartlesville Radio » News » REPORT: Activist Elliott Sues Phillips 66 to

Reuters reports that activist investor Elliott Investment Management on Tuesday sued Phillips 66 (PSX.N), opens new tab to protect shareholders rights and force the oil refiner to comply with its own charter. The complaint, filed in the Delaware Chancery Court, seeks to have four directors stand for election at the company's annual meeting this year. The lawsuit comes less than four weeks after Elliott, which owns a $2.5 billion stake in Phill…

3 days ago

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BizToc

Phillips 66 to propose new board members amid Elliott battle, WSJ reports

In This Article: (Reuters) -Phillips 66 is expected to nominate two new directors to its board as the proxy fight with activist Elliott Investment Management intensifies, the Wall Street Journal reported on Wednesday citing people familiar with the matter. The refiner is set to disclose four…

3 days ago

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