Phillips 66 fires back at Elliott over Citgo conflict of interest amid board fight

(Reuters) -Phillips 66 is arguing that Elliott Investment Management should back down from its push to break up the energy company because the activist investor is conflicted from a separate effort to acquire one of Phillips 66's rivals, according to a letter seen by Reuters. The salvo from Phillips 66, which is expected to be revealed in a letter later on Monday, is the latest in a bitter spat between the firm and Elliott that is due to come to a head at Phillips 66's shareholder meeting next month. In arguing against Elliott's break-up thesis in the letter, Phillips 66 said the investment firm has a conflict of interest over the best strategy for the company due to its separate efforts to buy Citgo Petroleum.