Phillips 66 to sell 49% stake in Swiss joint venture for $1.24B, pending Swiss Competition Commission approval.

Phillips 66 has agreed to sell its 49% stake in Swiss joint venture Coop Mineraloel AG for $1.24 billion, which includes an assumed 2024 dividend of $70 million. The deal, pending approval from the Swiss Competition Commission, is expected to finalize in the first quarter of 2025. Proceeds from the sale will support Phillips 66's strategic goals, including enhancing shareholder returns.

October 14, 2024
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