8/18, 1:20 AM (Source: TeleTrader)
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Phillips 66 offers to acquire DCP Midstream

The Phillips 66 Co. announced it submitted an offer to buy all publicly held shares of DCP Midstream Partners LP. At $34.75 per share, the potential deal is estimated at $7.2 billion.

The transaction would be structured "as a merger of DCP Midstream with an indirect subsidiary of Phillips 66 with DCP Midstream as the surviving entity," the company stated.

DCP Midstream stock gained 3.94% in aftermarket trade, while Phillips 66 lost 1.30%.

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