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Phillips 66 to Offload 49% Stake in Coop Mineraloel to Swiss JV
PSXPhillips 66(PSX) ZACKS·2024-10-15 13:56

Phillips 66 (PSX) has announced the sale of 49% of its non-operated equity interest in Coop Mineraloel AG as part of its commitment to deliver 3billioninassetdivestituresin2024.ThecompanyissettosellitsequityinteresttoitsSwissjointventurepartner.CoopMineraloelowns324retailsitesandpetrolstationsinSwitzerland.DetailsoftheDealThetotalconsiderationforthedealis1.06billionSwissFrancs(approximately3 billion in asset divestitures in 2024. The company is set to sell its equity interest to its Swiss joint venture partner. Coop Mineraloel owns 324 retail sites and petrol stations in Switzerland.Details of the DealThe total consideration for the deal is 1.06 billion Swiss Francs (approximately 1.24 billion). PSX will receive 1 billion Swiss Francs (approximately ...