Phillips 66 (PSX.US) to sell 49% of Coop Mineraloel's shares for $1.24 billion

Zhitong Finance learned that Phillips 66 (PSX.US) said on Monday that it agreed to sell 49% of its non-operating shares in Coop Mineraloel to its Swiss joint venture at a cash price of CHF 1.06 billion (approximately US$1.24 billion), which includes a sales price of CHF 1 billion and an assumed dividend of CHF 60 million. Coop Mineraloel operates 324 retail sites and gas stations across Switzerland.

Phillips 66 said the deal marks significant progress in fulfilling the company's divestiture promise of at least $3 billion, and the proceeds from the sale will support the company's strategic priorities, including returns to shareholders. Last year, Elliott Investment Management invested approximately $1 billion in Phillips 66, forcing the company to sell non-core assets, focus more on major refining operations, and improve its relatively high operating cost record.