Duke-Phillips midstream IPO shelved

A widely watched US midstream initial public offering has been shelved.Meanwhile, one of Japan's biggest refiner-marketers is mulling going public for the first time.Midstream IPODuke Energy Field Services, Denver, postponed plans for an IPO of common stock earlier this month, citing volatile market conditions.The company, owned by Duke Energy Corp. and Phillips Petroleum Co., said shares of DEFS, one of the largest US natural gas gatherers and one of the largest producers and marketers of NGL, will be offered to the public when market conditions improve. In the meantime, DEFS will continue to be owned 69.7% by Duke and 30.3% by Phillips.Duke and Phillips reached a definitive agreemen...

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