Latest news with #PaulSinger
Bloomberg
6 days ago
- Business
- Bloomberg
Singer's Elliott Battles Texas Private Equity Firm Over Fees
Paul Singer's Elliott Investment Management built a reputation for its frequent legal brawls to squeeze more value from its investments in public companies. Now the firm is picking a fight over charges in the opaque world of private equity. In a court case in Delaware, Elliott is seeking documents it says could show that Stronghold Investment Management, a Texas private equity firm, billed tens of millions of dollars in excess expenses. A judge is now weighing whether to force Stronghold to turn over internal records about how it charged Elliott for managing about $100 million in oil and gas bets.
Yahoo
07-06-2025
- Politics
- Yahoo
'Trump movement' turns on Cornyn, poll finds
MAGA loyalists have put Sen. John Cornyn's reelection campaign in a Texas-size hole. An early May poll commissioned by the American Opportunity Alliance, a major conservative funding group linked to megadonor Paul Singer, shows the Texas Republican down 17 points in a head-to-head primary matchup with state attorney general Ken Paxton. Below the top-line of Paxton's 52-percent-to-35-percent advantage, the poll found a clear divide between those voters who were defined as 'Trump Movement' voters and those who were 'Traditional Republicans.' In the former category, which made up of 58 percent of the electorate, Paxton had a 45-point lead. Among the latter, who made up only 35 percent of voters, Cornyn had a 27-point lead. The findings reflect a increasingly prominent divide among Republican primary voters in Texas where an insurgent hard-right faction has been steadily gaining ground in recent years while ousting more traditional GOP elected officials. Paxton, who has faced federal investigation and impeachment, has long been a darling of right-wingers in Texas, while Cornyn — first elected to the Senate in 2002 — is considered a pillar of the establishment GOP. In a speculative three-way race with GOP Rep. Wesley Hunt, who is exploring a bid, the margin barely narrowed with the Cornyn trailing Paxton, 43 percent to 27 percent, with Hunt receiving 14 percent. There was some good news for the incumbent in the poll. Despite trailing Paxton significantly, he is still viewed favorably by the Republican primary electorate in the Lone Star State — just not as favorably as the state attorney general. The poll, conducted from April 29 through May 1 among 800 Republican primary voters, is among a series of public and private surveys all showing Cornyn significantly trailing Paxton. They have sparked increasing concern from national Republican operatives about a potentially ugly and costly primary, as well as the possible elevation of a scandal-plagued candidate who might be at risk in a general election. The American Opportunity Alliance's interest in the race is notable; it's one of the key donor consortiums in Republican politics and its members including Singer and Chuck Schwab are some of the biggest funders on the right.
Wall Street Journal
28-05-2025
- Business
- Wall Street Journal
Elliott Eyes Bet on Pipeline Carrying Russian Gas
Elliott Investment Management is in talks to buy a stake in a package of infrastructure assets, including a pipeline that carries Russian natural gas to Europe—a deal that could form a template for reviving Moscow's once-mighty energy business by involving American investors. The U.S. hedge fund, headed by billionaire founder Paul Singer, is considering a stake in the Bulgarian extension of the TurkStream pipeline, along with access to a network of data centers, data cables and other infrastructure assets, according to people familiar with the matter.
Yahoo
23-05-2025
- Business
- Yahoo
Phillips 66 and Elliott's contentious proxy battle ends in split vote over fight to break up energy giant
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. On a 14-person board chaired by CEO Mark Lashier, the future of Phillips 66 remains murky, but the vote is significant because no activist at an S&P 500 company had successfully won a board seat in at least 15 years without support of one of the big three index funds—BlackRock, Vanguard, and State Street, according to Insightia. While Elliott's campaign was backed by prominent proxy advisory firms Institutional Shareholder Services, Glass Lewis, and Egan-Jones, Phillips 66's top three passive investors—the big three index funds—all sided with the company. Elliott called the vote a clear mandate for change. 'Today's vote sends a clear message: Shareholders demand meaningful change at Phillips 66,' Elliott said in a prepared statement. On the other hand, Lashier called the vote supportive of maintaining Phillips 66's current integrated structure. 'We welcome our new directors and look forward to working constructively as a board,' Lashier said in a statement. 'This vote reflects a belief in our integrated strategy and a recognition that our early results do not yet reflect the full potential of our plan or the value inherent in this business.' Elliott owns a nearly 6% stake in Phillips 66 and has pushed for major change, arguing that Phillips 66 has performed below peers such as Marathon Petroleum and Valero Energy. Likewise, Chevron has expressed an interest in buying out Phillips 66's stake in its Chevron Phillips Chemical joint venture, which Lashier has resisted to this point. Breaking up the company runs counter to Phillips 66's strategy of late to grow its midstream pipeline business, especially in natural gas liquids (NGLs), such as propane, butane, and ethane—the primary petrochemical feedstock, which Phillips 66 sees as its largest growth potential. Lashier argues Phillips 66 is in the early stages of its transformation strategy with refining improvements already demonstrated and that it needs to stay the course. The two Elliott nominees elected were Sigmund 'Sig' Cornelius, who recently retired as the president of Freeport LNG, and Michael Heim, an operating partner with Stonepeak who also was a founder and president of the Targa Resources midstream pipeline giant. Elliott said Cornelius and Heim will aim to 'improve operational execution and share-price performance, enhance corporate governance and help set a strategic course that can unlock Phillips 66's full value-creation potential.' On the Phillips 66 candidate slate, Robert Pease was reelected, and Harbour Energy Chief Operating Officer Nigel Hearne was added to the board. Pease's reelection stands out because he was originally backed by Elliott before being opposed this year. Elliott first reached out to Phillips 66 in late September 2023. They reached a deal and détente—after Elliott privately threatened to start a proxy fight with six board nominees—naming Pease, former CEO of refiner Motiva Enterprises, to the board in mid-February 2024. But Elliott alleged Pease flipflopped and supported Lashier as chairman when Elliott wanted a non-executive chair. With Pease's seat up for grabs, Elliott took aim at his as well when the proxy fight escalated earlier this year. Phillips 66 is making some divestments though, even if they were ones the company expressed a willingness to make last year. Just last week, Phillips 66 agreed to sell 65% stakes in its Germany and Austria retail fueling business to a consortium led by Energy Equation Partners and Stonepeak that will bring in $1.6 billion in pre-tax cash proceeds, giving the businesses a total enterprise value of $2.8 billion. The deal includes 970 retail fueling sites, of which 843 are JET-branded stores. Phillips 66 said the proceeds will go toward debt reduction and shareholder returns. Last fall, Phillips 66 also sold off its Switzerland and Lichtenstein businesses. This story was originally featured on
Yahoo
16-05-2025
- Business
- Yahoo
Phillips 66 sells Euro businesses valued at $2.8 billion ahead of Elliott proxy fight vote
Phillips 66 said May 15 it will sell majority stakes in its Germany and Austria retail fueling business ahead of its heated proxy fight next week with Elliott Investment Management. Elliott is seeking to break Phillips 66 up after potentially gaining four board seats following May 21 votes, attempting to sell or spin off the oil refiner's pipeline, terminals, and petrochemicals businesses. Phillips 66 already had expressed a willingness to divest its European retail businesses last year, including its prior sale last fall of its Switzerland and Liechtenstein business. Phillips 66 is selling 65% stakes in the Germany and Austria businesses to a consortium led by Energy Equation Partners and Stonepeak that will bring in $1.6 billion in pre-tax cash proceeds, giving the businesses a total enterprise value of $2.8 billion. The deal includes 970 retail fueling sites, of which 843 are JET-branded stores. Phillips 66 said the proceeds will go toward debt reduction and shareholder returns. 'This transaction advances our strategy to optimize our portfolio and enhances long-term shareholder value,' said Mark Lashier, Phillips 66 chairman and CEO, in a statement. 'The newly formed joint venture allows us to monetize this non-core asset while retaining the ability to benefit from its future growth.' The ongoing proxy fight that comes to a head next week 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. Elliott owns a nearly 6% stake in Phillips 66 and is pushing for major change, arguing that Phillips 66 has performed below peers such as Marathon Petroleum and Valero Energy, and that Phillips 66 needs to focus on its core oil refining business instead of continuing to grow its midstream pipeline and terminals businesses. Likewise, Chevron has expressed an interest in buying out Phillips 66's stake in its Chevron Phillips Chemical joint venture. That runs counter to Phillips 66's strategy of late to grow its midstream pipeline business, especially in natural gas liquids (NGLs), such as propane, butane, and ethane—the primary petrochemical feedstock, which Phillips 66 sees as its largest growth potential. Elliott notched wins earlier this week when prominent proxy advisory firms Institutional Shareholder Services (ISS), Glass Lewis, and Egan-Jones all sided with Elliott's proposed board changes in the proxy fight, arguing that Phillips 66 has regularly fallen short of market expectations in recent years. Elliott said in a prepared statement that 'ISS cited Phillips 66's disappointing operating performance, poor corporate governance, and 'track record of providing selective and ambiguous disclosure' as reasons to support Elliott's 'strong slate.' With all three proxy advisory firms having endorsed Elliott's case, it is clearer than ever that urgent and meaningful change is needed in the Phillips 66 boardroom.' Elliott also is pushing for a non-executive chair to lead the board. Phillips 66 countered that it disagrees with the proxy advisory firms' decisions, contending that they failed to properly examine Elliott's thesis for breaking up the company, and that they relied on outdated information and analyses. Lashier said Phillips 66 is in the early days of its transformation strategy and that it is producing stronger results of late. 'Elliott is seeking rapid, irreversible change in pursuit of a short-term thesis that would introduce significant risks to Phillips 66 shareholders,' Phillips 66 said in a statement. 'Do not let Elliott's short-term and misinformed thesis disrupt your consistent and compelling returns.' This story was originally featured on
