Chevron (CVX) is open to acquiring Phillips 66’s (PSX) stake in a chemical joint venture that activist Elliott Investment Management is urging the oil refiner to exit, Bloomberg’s Kevin Crowley and David Carnevali report, citing people familiar with the matter. Chevron is eyeing boosting its exposure to petrochemicals at the right price and could target its Chevron Phillips Chemical JV should its partner be open to it, the authors note.
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