The barroom brawl of a boardroom fight between Phillips 66 and activist investor Elliott Investment Management to break up the massive energy company concluded May 21 with a split vote and both sides declaring victory.
With four board positions up for grabs, Phillips 66 and Elliott each claimed two seats amid Elliott’s campaign to force Phillips 66 to sell or spin off its petrochemical and midstream pipeline businesses and focus on its legacy refining unit. The battle pits one of the energy sector’s most storied players against arguably the most influential activist fund manager in the world, led by billionaire Paul Singer.
