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HOUSTON--(BUSINESS WIRE)--Phillips 66 today sent a letter to shareholders highlighting the key issues on the ballot at its Annual Meeting on May 21.
Paul Singer isn't tiptoeing into the energy sector, he's charging in at full throttle.
PSX is divesting a 65% stake in its Germany and Austria retail business, valued at $2.8 billion, as part of its strategy to streamline the portfolio and focus on core refining and midstream assets.
An activist investor's battle for influence at downstream energy giant Phillips 66 (PSX 0.18%) is heating up, and it's pushing up the share price. The company's share price was up by nearly 13% week to date as of Thursday night, according to data compiled by S&P Global Market Intelligence, largely as a result of the latest development in that struggle.
Phillips 66 said on Thursday it will sell a 65% stake in its German and Austrian fuel retail business to a private equity-led consortium, valuing the unit at $2.8 billion, as the U.S. refiner streamlines its portfolio under pressure from activist investor Elliott Investment Management.
LONDON & HOUSTON--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Energy Equation Partners (“EEP”), a newly formed investment firm with significant expertise in fuel retail, today announced an agreement to acquire a majority interest in JET Tankstellen Deutschland GmbH (“JET”), a leading fuel retailer in Germany and Austria, from a subsidiary of Phillips 66 (NYSE: PSX), in a transaction valuing the business at an enterprise v.
HOUSTON--(BUSINESS WIRE)--Phillips 66 announces agreement to divest majority interest in Germany and Austria retail marketing business.
David Faber discusses the latest details on Elliott's proxy fight with Phillips 66.
The activist investor won support from influential proxy advisory firm ISS.
HOUSTON--(BUSINESS WIRE)--Phillips 66 today announced that it strongly disagrees with the recommendations issued by Institutional Shareholder Services and Glass Lewis & Co.