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- by finance.yahoo.com
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Elliott nominates 7 directors at Phillips 66, ratchets up pressure
Elliott Investment Management nominated seven directors to Phillips 66's board, laying the groundwork to push for changes that include spinning off or selling its midstream business, two people familiar with the matter said. Elliott now wants Phillips 66, which has a market value of $52 billion, to address its lagging stock price, improve its refinery operations and upgrade its board, the firm said in a public letter last month. Elliott privately nominated executives with investment, financial, legal and energy experience, the sources said, adding that seven nominees give the investor flexibility ahead of planned board changes.