Activist investor Elliott Investment Management has taken a significant stake in US oil refiner Phillips 66, London-listed oil major BP, and other companies. The firm, led by American Paul Elliott Singer, is known for its vocal campaigns against listed companies.
Elliott’s latest investments are valued at over $2.5 billion, according to sources close to the matter. The firm has built stakes in companies such as Honeywell, Anglo American, Southwest Airlines, Starbucks, Aspen Technology, Akzo Nobel, BHP, and Phillips 66.
Elliott is known for its efforts to push listed companies to make changes, including break-ups, board expansions, and governance improvements. In the past, the firm has successfully pushed for changes at companies such as Honeywell, where it led a breakup of the conglomerate into three independently listed companies.
The firm’s latest stake in Phillips 66 is seen as an attempt to influence the company’s refining operations and overhaul its board. Meanwhile, Elliott’s investment in BP is part of a broader effort to push the London-listed oil major towards greater transparency and accountability.
Elliott’s activist campaigns have been largely successful in the past, with the firm successfully pushing for changes at companies such as Southwest Airlines, where it added five new board members and won concessions on governance issues.
Source: https://www.reuters.com/business/activist-elliotts-recent-holdings-campaigns-2025-02-10