FACTBOX-Activist Elliott's recent holdings and campaigns

Sept 2 (Reuters) - Elliott Investment Management disclosed a $4 billion stake in PepsiCo PEP.O 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 BHP.AX

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