Phillips 66 sells Euro businesses valued at $2.8 billion ahead of Elliott proxy fight vote

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Phillips 66 sells Euro businesses valued at $2.8 billion ahead of Elliott proxy fight vote - Fortune

Quick Summary:

Phillips 66 is making divestments ahead of its proxy fight vote as Elliott aims to break the refining giant into parts.

Likewise, Chevron has expressed an interest in buying out Phillips 66’s stake in its Chevron Phillips Chemical joint venture.

Phillips 66 already had expressed a willingness to divest its European retail businesses last year, including its prior sale last fall of its Switzerland and Liechtenstein business.