Phillips 66 and Activist Elliott Split Heated Boardroom Battle
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Phillips 66 and Elliott Investment Management split a heated boardroom battle that culminated Wednesday, with the activist winning two of the four seats it wanted on the oil refiner’s board. The outcome shows that shareholders wanted some change but rejected Elliott’s call for a more sweeping board makeover. For Elliott, the battle at Phillips 66 marked the firm’s first activist fight in the U.S. to go all the way to a shareholder vote.
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