Elliott Investment Management Acquires 2.5 Billion Stake in Phillips 66
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Elliott Investment Management has acquired a significant stake in Phillips 66 and intends to propose changes to improve the company's operations and stock performance.
Elliott Investment Management has established a stake of over $2.5 billion in oil refiner Phillips 66. According to a report by the Wall Street Journal, the investment firm plans to propose operational modifications to enhance the company's stock performance.
The proposed changes primarily aim to streamline Phillips 66's operations. A key recommendation includes urging the company to sell or spin off its substantial midstream business.
