HOUSTON, Aug 17 (Reuters) – U.S. refiner Phillips 66 (PSX.N) on Wednesday offered to acquire the public shares of gas and natural gas liquids pipeline operator
DCP Midstream
(DCP.N) in a $7.2 billion deal.
Canadian pipeline operator Enbridge (ENB.TO), which owned 50% of DCP’s general partner, said it would reduce its stake in the company to 13.2% from 28.3%.
It will, in turn, take over as operator and more than double its stake in Grey Oak pipeline, previously operated by Phillips 66.
Phillips 66’s (PSX.N) economic interest in the Gray Oak pipeline will fall to 6.50% from 42.25%.