Factbox: Activist Elliott's recent holdings and campaigns

Emerson Electric Co

11/02/2025 05:43

(Updates with Elliott's stake in Phillips 66)
       Feb 10 (Reuters) - Elliott Investment Management has
built an over $2.5 billion stake in U.S. oil refiner Phillips 66
 PSX.N , a person familiar with the matter said on Monday, days
after the activist investor took a stake in London-listed oil
major BP  BP.L .
    American Paul Elliott Singer's hedge fund firm was
established in 1977 and is known as being one of the most vocal
activists. Elliott managed around $69.7 billion in assets as of
June 30, 2024, its website says. 
    Here are some of Elliott's top activist campaigns against
U.S and European companies. The hedge fund declined to comment
on its investments.
    
    Honeywell
    ** Investment first disclosed: November 2024
    ** Changes asked: Break-up of conglomerate structure
    ** Changes made: Honeywell to split into three independently
listed companies
    
    Anglo American
    ** Investment first disclosed: April 2024, after the
London-listed miner became a takeover target by bigger rival BHP
Group  BHP.AX 
    ** Changes asked: Elliott has yet to publicly comment on its
Anglo investment
    
    Southwest Airlines
    ** Investment first disclosed: June 2024
    ** Changes asked: Replacement of some board members,
improvement of financial and share price performance, CEO ouster
    ** Changes made: The airline added five Elliott nominees to
its board, making it the most seats the hedge fund has ever
gotten in a settlement with a company in the U.S. The deal
allowed CEO Bob Jordan to retain his job
    
    Starbucks
    ** Investment first disclosed: July 2024
    ** Changes asked: Proposed board expansion and governance
improvement
    ** Changes made: Starbucks last year named Chipotle Mexican
Grill head Brian Niccol as its new CEO, though Elliott was not
demanding a CEO change
    
    Aspen Technology
    ** Investment first disclosed: February 2025
    ** Changes asked: Opposing the company's decision to accept
Emerson Electric's $7.2 billion tender offer
    
    Akzo Nobel
    ** Investment first disclosed: 2017
    ** Changes asked: Akzo to negotiate a potential sale to U.S.
coatings manufacturer PPG Industries Inc
    ** Changes made: Akzo and Elliott Advisors ended a dispute
after the activist investor agreed to halt legal action against
the Dutch paint company
    ** Elliott agreed to support the nomination of new CEO and
two supervisory board members. Akzo promised to give Elliott and
other major shareholders a say in naming a third supervisory
board member
    
    BHP
    ** Investment first disclosed: 2017
    ** Changes asked: Called for the company to sell off its oil
business and ditch its dual listing structure
    ** Changes made: BHP exited the oil business in 2021 
    
    Phillips 66
    ** Investment first disclosed: November 2023
    ** Changes asked: Elliott criticized Phillips 66's refining
operations and asked the U.S. oil refiner to overhaul its board
to boost performance
    ** Changes made (as of 2024): Disposed assets worth $3
billion, added new director to the board with Elliott's approval
    

 (Reporting by Anousha Sakoui and Arunima Kumar; additional
reporting by Abinaya Vijayaraghavan; editing by David Evans and
Savio D'Souza)
 ((anousha.sakoui@thomsonreuters.com;))