(Reuters) -Elliott Investment Management disclosed a $4 billion stake in PepsiCo on Tuesday and said it planned to push for changes to drive up the beverage and snack maker’s stock price.
Founded in 1977 by American Paul Elliott Singer, the hedge fund is recognized as one of the most outspoken activist investors, managing around $76.1 billion in assets as of June 30, 2025, according to its website.
Here are some of Elliott’s top activist campaigns against U.S. and European companies. The hedge fund declined to comment on its investments.
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
Anglo American
** Investment first disclosed: April 2024, after the London-listed miner became a takeover target by bigger rival BHP Group
** Changes sought: Elliott has yet to publicly comment on its Anglo investment
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 and Arunima Kumar; additional reporting by Abinaya Vijayaraghavan; editing by David Evans, Savio D’Souza and Pooja Desai)
