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Activist Elliott sues Phillips 66 to protect shareholder rights

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March 25, 2025 4:16 PM EDT

FILE PHOTO: General view of oil tanks and the Bayway Refinery of Phillips 66 in Linden, New Jersey, U.S., March 30, 2020. REUTERS/Mike Segar/File Photo

(Reuters) - Activist investor Elliott Investment Management on Tuesday sued Phillips 66 to protect shareholders rights and force the oil refiner to comply with its own charter.

The complaint, filed in the Delaware Chancery Court, seeks to have four directors stand for election at the company's annual meeting this year.

The lawsuit comes less than four weeks after Elliott, which owns a $2.5 billion stake in Phillips 66, nominated seven directors to the company's board.

The board currently has 14 members but will shrink to 12 after the company's annual meeting in May.

(Reporting by Svea Herbst-Bayliss in New York and Seher Dareen in Bengaluru; Editing by Shreya Biswas and Chris Reese)


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