Phillips 66 announces offer to acquire outstanding publicly held common units of DCP Midstream, said Hydrocarbonprocessing.
Concurrent with Phillips 66’s announcement of the realignment of economic and governance interests in DCP Midstream, LP (DCP Midstream), Phillips 66 also announced it has submitted a non-binding proposal to the board of directors of the general partner of DCP Midstream offering to acquire all publicly held common units of DCP Midstream for cash.
Subject to negotiation and execution of a definitive agreement, Phillips 66 is proposing consideration of $34.75 for each outstanding publicly-held common unit of DCP Midstream as part of a transaction that would be structured as a merger of DCP Midstream with an indirect subsidiary of Phillips 66 with DCP Midstream as the surviving entity.
The proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and transactions contemplated thereunder by the board of directors of the general partner of DCP Midstream and a conflicts committee thereof. The consummation of the proposed transaction would also be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed or that any transaction will be consummated.
Phillips 66 engaged Barclay's Capital Inc. as financial advisor and Bracewell LLP as legal counsel.
As per MRC, Phillips 66 signed a letter of intent with FreeWire Technologies in support of its first electric-vehicle charging program in the United States. The announcement highlights Phillips 66’s commitment to pursue lower-carbon solutions and comes as an endorsement of FreeWire’s ultrafast, battery-integrated charging technology. The two companies will explore opportunities to deploy FreeWire’s technology within Phillips 66’s U.S. fueling stations and other strategic locations.
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