Phillips 66 agrees to sell 49% stake in Coop Mineraloel AG for ~$1.24B cash

Phillips 66

Cash consideration of 1.06B Swiss francs (~$1.24B) including assumed 2024 dividend of 60M francs.
CMA operates 324 retail sites and petrol stations across Switzerland.
Proceeds will support strategic priorities including returns to shareholders.
Transaction subject to approval by Swiss Competition Commission; expected close in Q1 2025.
CEO cites progress on commitment to over $3B in divestitures.

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