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10 Articles
843 jet filling stations have been sold to a consortium in Germany and Austria. US company Philips 66, which owned the filling stations, had come under pressure. Now it is withdrawing a majority share.
The oil company Philips 66 is in a shaky position. The company is now selling hundreds of jet fuel stations in Germany and Austria to reduce its debt and for dividends to shareholders. Analysts criticise that the Texans do not sell all gas stations.
The future of jet filling stations in Germany and Austria has been clarified since Friday. American oil company Phillips 66 sold its network to a consortium of financial investors. Jet filling stations will therefore be sold for around 2.5 billion euros. American oil company Phillips 66, which is under pressure from the Elliott hedge fund, sold its network of 970 petrol stations – 843 of which will be called Jet to the investment companies Energ…
Phillips 66 sells Euro businesses ahead of Elliott proxy fight vote
Phillips 66 said May 15 it will sell majority stakes in its Germany and Austria retail fueling business ahead of its heated proxy fight next week with Elliott Investment Management. Elliott is seeking to break Phillips 66 up after potentially gaining four board seats following May 21 votes, attempting to sell or spin off the oil refiner’s pipeline, terminals, and petrochemicals businesses. Phillips 66 already had expressed a willingness to dives…
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