Elliott Management's Recent Activist Investments in the UK and US

Elliott Management's Activist Campaigns

Feb 11 (Reuters) - Activist investor Elliott has built a stake in the London Stock Exchange Group and is engaging with the company to drive performance, a person familiar with the matter told Reuters on Wednesday.

Founded in 1977 by U.S. billionaire Paul Singer, the hedge fund is one of the world’s most prominent activist investors, known for forceful campaigns across global markets.

As of December 31, 2025, Elliott manages about $79.8 billion in assets, according to its website. 

Key Investments and Changes Sought

Here are some of Elliott's top activist campaigns against UK, U.S. and European companies. 

LSEG

** Investment first reported: February, according to a person familiar with the matter, exact size unclear

** Changes sought: Elliott has encouraged LSEG to consider a fresh share buyback and focus on closing in on rivals, the source said. The  FT report also said that Elliott does not want LSEG to consider a full sale or a spin‑off of its stock exchange business.

Impact on Companies

BP

** Investment first disclosed: April 2025

** Changes sought: Elliott Management has been pressing BP to pay down debt and simplify its operations, arguing that the company is significantly undervalued and has underperformed peers over several years.

Anglo American 

** Investment first disclosed: April 2024

** Changes sought: Elliott has yet to publicly comment on this investment. The stake was disclosed at a time when Anglo American had become a takeover target for BHP in 2024.

Saga Plc

** Investment first disclosed: July 2019

** Changes sought: Elliott has not publicly outlined demands. Some sources at the time noted that Saga is undervalued and could consider separating assets, and that no management changes were planned.

Smiths Group

** Investment first reported: FT in February 2025 said Elliott has taken a stake of almost 5%

** Changes sought: The FT report said that Elliott had taken a stake ahead of Smiths Group's announcement that it would pursue a break‑up at the time. Elliott said it welcomed the company's intention to simplify its portfolio, the report said.

Shell

Recent Developments

In March last year, Elliott also took a short position of about 0.5% in Shell, the biggest bet against the company since 2016, according to filings from the UK's Financial Conduct Authority.

PepsiCo

** Investment first disclosed: September 2025

** Changes sought: Elliott has asked PepsiCo to conduct an operational review, with oversight and structures in place.

Honeywell

** Investment first disclosed: November 2024

** Changes sought: Break-up of conglomerate structure

** Changes made: Honeywell to split into three independently listed companies

Southwest Airlines

** Investment first disclosed: June 2024

** Changes sought: 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 sought: 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 sought: Opposing the company's decision to accept Emerson Electric's $7.2 billion tender offer

Akzo Nobel

** Investment first disclosed: 2017

** Changes sought: 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 sought: 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 sought: 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 in London, Arunima Kumar, Abinaya Vijayaraghavan, Nithyashree R B and Ankita Bora in Bengaluru, editing by David Evans, Savio D'Souza, Pooja Desai and Tasim Zhaid)