PSX

Phillips 66

83.84
USD
3.87%
83.84
USD
3.87%
67.08 111.28
52 weeks
52 weeks

Mkt Cap 35.37B

Shares Out 438.17M

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Phillips 66 offers to buy DCP Midstream for $34.75/unit

Phillips 66 (NYSE:PSX) said on Wednesday it submitted a proposal to acquire all common units of DCP Midstream (NYSE:DCP) it does not already own for $34.75/UNIT. Phillips 66 (PSX) said the transaction would be structured as a merger of DCP Midstream (DCP) with an indirect subsidiary of Phillips 66 with DCP Midstream as the surviving entity. The offer is part of Phillips' (PSX) realignment of economic and governance interests in DCP (DCP) and Gray Oak Pipeline through a merger of existing joint ventures owned with Enbridge. Phillips (PSX) said it raised its economic interest in DCP (DCP) to 43.31% from 28.26% and will oversee and manage the joint venture's interest in DCP Midstream. Meanwhile, the company's stake in Gray Oak Pipeline will drop to 6.5% from 42.25%, and Enbridge will oversee and manage the JV interest in Gray Oak; Phillips 66 (PSX) also will contribute $400 in cash as part of the transaction. Phillips 66 (PSX) is coming off a very strong Q2, with better than expected adjusted earnings of $6.77/SHARE.

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