Activist Elliott Management is increasing the pressure on Phillips 66 (PSX) and in a draft letter to investors seen by the Financial Times, the hedge fund asks Phillip 66 investors to back its plan pushing the refiner to divest assets, including its midstream arm, and improve performance at its refining business. In a proxy filing due to be submitted to regulators on Thursday, Elliott is nominating four directors, including two former ConocoPhillips (COP) executives, reported Financial Times’ Oliver Barnes.
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