Tuesday, February 9, 2016

ConocoPhillips may sell Trainer, Linden refineries

That's what an investment bank that focuses on the energy industry says, but ConocoPhillips tells Reuters it has not spelled out its plans.

ConocoPhillips may sell Trainer, Linden refineries


Sunoco's not the only oil company shedding refineries. ConocoPhillips has previously stated that it would sell some of its refineries.

Now Simmons & Co., an investment bank that focuses on the energy business, says the company's refineries in Linden, N.J., and Trainer, Pa. may be put up for sale. (Trainer hugs Marcus Hook, where Sunoco has a refinery, in Delaware County.) A ConocoPhillips spokesman tells Reuters that the company has not specified what its plans are.

Campbell Soup said executives of its Pepperidge Farm unit will gather with Connecticut state officials to celebrate the start of construction of a 34,000-square-foot "innovation center" in Norwalk, Conn., Sept. 12. Camden-based Campbell intends to ladle $30M into the project, which also involves the renovation of Pepperidge Farms' headquarters.

Finally, Central European Distribution, a Mount Laurel-based vodka producer, has adopted a shareholder rights plan, also known as a "poison pill." The move comes just days after it was disclosed that an investor named Mark Kaufman had acquired a 9.6 percent stake in the company. A defensive measure, poison pills don't prevent hostile takeovers, but they do bolster a board's ability to negotiate with a bidder making an unsolicited play for the company. (Here's a link to a BusinessWeek take on poison pills.)

Inquirer Columnist
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy:

Philly.com comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by Philly.com staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
comments powered by Disqus
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
Also on Philly.com:
letter icon Newsletter