Reuters: Deals: Conoco board approves spin-off of refining unit

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Conoco board approves spin-off of refining unit Apr 4th 2012, 20:43 Tweet Share this Email Print Related Topics Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Smoke is released into the sky at the ConocoPhillips oil refinery in San Pedro, California March 24, 2012. Credit: Reuters/Bret Hartman Wed Apr 4, 2012 4:43pm EDT (Reuters) - ConocoPhillips (COP.N) said on Wednesday its board of directors approved the spin-off of its refining business, Phillips 66, in a move to boost the value of both companies and attract more investors. The split, first announced in July 2011, will create the largest U.S. independent refining company and the largest U.S. independent exploration and production company. The companies will be separated through a tax-free distribution of shares of Phillips 66 to holders of ConocoPhillips common stock after the market close on April 30. Conoco shareholders will receive one share of Phillips 66 common stock for every two shares of ConocoPhillips common stock held at the close of business on the record date of April 16, 2012. Phillips 66 will trade on the New York Stock Exchange under the symbol, PSX, and both companies will be headquartered in Houston. Prior to the distribution, Phillips 66 shares are expected to trade in a "when-issued" public market under the symbol PSX WI, Conoco said. Both Conoco and Phillips 66 will hold investor meetings this month. Conoco shares closed 13 cents lower at $76.18 on the NYSE. (Reporting By Anna Driver; editing by Steve Orlofsky and Andre Grenon) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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