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

Benzinga · 10/14 20:36

It will receive cash of 1.06 billion Swiss francs (approximately $1.24 billion) consisting of a 1 billion Swiss franc sales price (approximately $1.17 billion) and an assumed dividend of 60 million Swiss francs (approximately $70 million) for financial year 2024 to be paid at or prior to closing. The sales price is subject to adjustment based on the amount of the dividend.

CMA operates 324 retail sites and petrol stations across Switzerland. Proceeds from the sale will support the strategic priorities of Phillips 66, including returns to shareholders.