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11/29/2023, 2:18 PM (Source: TeleTrader)
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Elliott reportedly acquires $1 billion stake in Phillips 66

Elliott Management Corp. has acquired a $1 billion stake in Phillips 66, sources told CNBC on Wednesday.

According to CNBC's David Faber, Elliott would be seeking as many as two seats on the board, although it is not interested in pursuing the company's CEO position. Elliot has held positions in the past at Valero Energy Corp. and Marathon Petroleum Corp, Phillips 66's competitors in the refining industry.

For its part, Phillips 66 operates as an energy manufacturing and logistics company in the United States and around the world. Following the release of the report, the company's shares rose more than 5% in premarket trading in New York.

Baha Breaking News (BBN) / JG