PRESS DIGEST- Financial Times - May 13

May 13 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

- Proxy adviser ISS backs Elliott in fight against Phillips 66

- Perplexity nears second fundraising in six months at $14 billion valuation

- Cobalt Holdings plans London IPO with Glencore taking 10% stake

- UK unveils ‘backstop’ plan to force pension funds to invest in private assets

Overview

- Activist investor Elliott Management has won the backing of influential proxy adviser Institutional Shareholder Services for all four board nominees in its campaign against oil refiner Phillips 66 PSX.N.

- Perplexity, the artificial intelligence search engine, is finalising a $500 million funding round that would value the start-up at $14 billion.

- Metals investor Cobalt Holdings said on Monday it plans to raise about $230 million in an initial public offering in London.

- UK Chancellor Rachel Reeves will on Tuesday set out contentious "backstop" plans to force large pension funds to invest up to 50 billion pounds ($65.91 billion) in private assets if they fail to meet voluntary targets.

($1 = 0.7586 pounds)