(Energy Analytics Institute, 14.Oct.2024) — Phillips 66‘s subsidiary, Phillips 66 Limited, entered into a definitive agreement to sell its 49% non-operated equity interest in Coop Mineraloel AG (CMA) to its Swiss joint venture partner.
In the deal, it will receive cash of 1.06bn Swiss francs (approximately $1.24bn) consisting of a 1bn Swiss franc sales price (approximately $1.17bn) and an assumed dividend of 60mn Swiss francs (approximately $70mn) for financial year 2024 to be paid at or prior to closing, Phillips announced 14 Oct. 2024 in an official statement.
The sales price is subject to adjustment based on the amount of the dividend.
Proceeds from the sale will support the strategic priorities of Phillips 66, including returns to shareholders. The transaction is subject to approval by the Swiss Competition Commission. It is expected to close in the first quarter of 2025, Phillips 66 said.
CMA operates 324 retail sites and petrol stations across Switzerland.
“This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures,” Phillips 66 chairman and CEO Mark Lashier said in the statement. “As we manage our portfolio, we will continue to evaluate monetization of assets that no longer fit our long-term strategy.”
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