Elliott takes $1 billion stake in Phillips 66, seeks two board seats

(CNBC) Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is seeking as many as two board seats in a push to improve the company’s performance, according to a Wednesday letter from the activist investor. Phillips 66?s stock rose more than 4% in afternoon trading Wednesday. The crude refining company has a market cap of nearly $52 billion.

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