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Phillips 66 sells Euro businesses ahead of Elliott proxy fight vote

Phillips 66 is making divestments ahead of its proxy fight vote as Elliott aims to break the refining giant into parts.
Phillips 66 has announced the sale of its European business to private equity firm EIG for $2.5 billion, a move aimed at streamlining operations and boosting shareholder value ahead of a crucial proxy vote influenced by activist investor Elliott Management. The sale, which includes refineries and marketing assets in the U.K., Germany, and Austria, is part of Phillips 66's broader strategy to focus on its core North American operations and reduce its debt. Elliott Management, holding a significant stake in Phillips 66, has been pushing for changes to enhance the company's performance, and this divestiture is seen as a step in that direction. The transaction is expected to close by the end of 2025, pending regulatory approvals, and is anticipated to provide Phillips 66 with the financial flexibility to pursue further strategic initiatives.

Read the Full Fortune Article at:
[ https://fortune.com/2025/05/15/phillips-66-sells-euro-biz-ahead-elliott-proxy-vote/ ]