Aggressive Activist Investor is Gunning for Phillips 66

Elliott Investment Management is at it again, this time sinking its teeth into U.S. refiner Phillips 66 with a $2.5 billion stake and a laundry list of demands. The aggressive activist investor—best known for shaking up boardrooms and strong-arming CEOs into “unlocking value” (i.e., making changes that boost Elliott’s returns)—wants Phillips 66 to spin off its midstream business and tighten up operations. If this feels like déjà vu, that’s because it is. Elliott first made its presence known at…