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Investing.com -- Phillips 66 (NYSE:PSX), an American multinational energy company, is calling on its shareholders to vote against the proposed board nominations by Elliott Investment Management.
The company's board detailed their stance in a definitive proxy statement filed on Tuesday.
Elliott Investment Management, an activist investor, is seeking board seats at Phillips 66. This move is part of a broader, multi-year campaign by Elliott to push the energy company towards selling assets, improving operational performance, and strengthening board oversight.
The activist investor's efforts will culminate at the upcoming May 21 shareholder meeting, where they will vie for board positions.
In a letter to shareholders on Tuesday, Phillips 66's board expressed their disapproval of Elliott's plans. They have criticized the activist investor's approach as short-sighted, aiming for a quick win by breaking up the company.
The board further argued that Elliott's strategy is based on inflated and unrealistic assumptions.
Phillips 66's appeal to its shareholders marks the latest development in the ongoing disagreement between the company and Elliott Investment Management.
The energy company's board is urging shareholders to reject Elliott's nominations and to vote in line with the company's long-term interests.
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