Phillips 66 Subsidiary Enters Definitive Deal To Sell Its 49% Non-operated Equity Interest In Coop Mineraloel AG To Its Swiss JV Partner; To Receive Cash Of $1.24B
Portfolio Pulse from Benzinga Newsdesk
Phillips 66 is selling its 49% non-operated equity interest in Coop Mineraloel AG to its Swiss JV partner for approximately $1.24 billion. The proceeds will support Phillips 66's strategic priorities, including shareholder returns.
October 14, 2024 | 8:37 pm
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Phillips 66 is selling its 49% stake in Coop Mineraloel AG for $1.24 billion, which will support its strategic priorities, including shareholder returns.
The sale of the stake in Coop Mineraloel AG will provide Phillips 66 with significant cash inflow, which is intended to support strategic priorities such as shareholder returns. This is likely to be viewed positively by investors, potentially boosting the stock price in the short term.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90