Phillips shareholders OK acquisition of refiner

Thursday, April 12th 2001, 12:00 am
By: News On 6

(Bartlesville, Oklahoma-AP) -- Shareholders of Phillips Petroleum has voted to approve the purchase of Tosco Corporation.

The nearly seven billion dollar deal for the Connecticut-based refiner is expected to close by the end of the third quarter.

The acquisition would make Bartlesville-based Phillips the second largest refiner in the United States. The combined company's refining, marketing and transportation operations will be located in Tempe, Arizona.

Shareholders also approved a proposal to increase the number of authorized shares of common stock from 500 million to one billion.