COMPANY NEWS: Phillips to acquire Tosco in multibillion-dollar deal

The most recent wave of mergers and acquisitions shows that the oil and gas industry continues to reshape itself.That reshaping arguably will be most dramatic in the US downstream. There, a speculated consolidation among refiners-spurred by more-stringent federal rules on fuels specifications shutting down smaller, less efficient plants-has already gotten under way with a big splash.Phillips Petroleum Co.'s surprise proposal early last week to acquire Tosco Corp. for $7.49 billion in stock and debt had industry analysts buzzing over the deal's rationale. In terms of capacity, the combined company would become the second largest refiner in the US, just behind ExxonMobil Corp., and ...

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