Phillips 66 (PSX.US) to sell 49% of Coop Mineraloel for $1.24 billion

Intelligible Finance learned that Phillips 66 (PSX.US) said on Monday that it agreed to sell its 49% non-operating stake in Coop Mineraloel to its Swiss joint venture for a cash price of 1.06 billion Swiss francs (~$1.24 billion), including a 1 billion Swiss francs sale price and a 60 million Swiss francs assumed dividend. Coop Mineraloel operates 324 retail sites and gas stations across Switzerland.

Phillips 66 said the transaction marked significant progress toward its commitment to divest at least $3 billion in assets, proceeds of which will support the company's strategic priorities, including returning capital to shareholders. Last year, Elliott Investment Management Co. invested about $1 billion in Phillips 66, forcing the company to sell non-core assets and focus more on its core refining business and improve its relatively high operating cost record.