Elliott Investment Management has won support from a prominent Phillips 66 investor for replacing some of the oil refiner’s board members.

Phillips 66 (NYSE:PSX) sent a letter to shareholders Tuesday urging a vote against what it sees as activist investor Elliott Investment Management’s short-term attempts to dismantle the company. Elliott is "pushing an aggressive short-term agenda - including a rushed breakup of our company based on flawed analysis - that would introduce

Phillips 66 has strongly rejected Elliott Investment Management's proposal to break up the company, arguing that the plan is based on unrealistic assumptions and would destroy shareholder value.