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Phillips 66 to buy pipeline operator DCP Midstream

Reuters · 01/06/2023 07:47
Phillips 66 to buy pipeline operator DCP Midstream

- U.S. refiner Phillips 66 PSX.N said on Friday it is acquiring all the public units of DCP Midstream DCP.N in a deal that would value the pipeline operator at around $8.7 billion and bulk up Phillips' gas liquids business.

Phillips is offering $41.75 per common share, up from $34.75 per common share previously, increasing its interest in DCP Midstream to 86.8%.




(Reporting by Arshreet Singh; Editing by Shinjini Ganguli)

((Arshreet.Singh@thomsonreuters.com; Twitter: https://twitter.com/Arshreets;))