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 divest its European retail businesses last year, including its prior sale last fall of its Switzerland and Liechtenstein business.
