Phillips 66 and Activist Elliott Set to Split Heated Boardroom Battle
Phillips 66 PSX -6.53%decrease; red down pointing triangle and Elliott Investment Management are poised to split a heated boardroom battle that culminated Wednesday, with the activist expected to win two of the four seats it wanted on the oil refiner's board, according to people familiar with the matter.
The outcome shows shareholders wanted some change but rejected Elliott's call for a more sweeping board makeover.
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