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Elliott Management has taken a $1 billion stake in Phillips 66 and plans to seek as many as two board seats, sources told CNBC’s David Faber.
Phillips 66 stock rose 4.6% in early trading on Wednesday.
Elliott’s push for the board seats comes as Phillips has underperformed its competitors Marathon Petroleum and Valero with a higher operating expense per barrel.
The activist investor does not appear interested in going after Phillips new CEO Mark Lashier.
This is breaking news. Please check back for updates.
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