Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 7.12.2021  
C(2021 ) 9287 final  
PUBLIC VERSION  
Phillips 66  
2331 CityWest Blvd, Houston, TX 
77042  
United States of America  
 
Fortress Investment Group LLC 
1345 Avenue of the Americas, 46th 
Floor New York, New York 10105 
United States  of America  
Subject : Case M. 10550 - PHILLIPS 66 / FORTRESS INVESTMENT GROUP / 
WESTERN OIL  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 15 November  2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation by which the 
undertaking s  Phillips 66  (USA ) and Fortress Investment Group LLC (“Fortress”, 
USA ), belonging to the group SoftBank Group Corp (“SoftBank Group”, USA) , 
acquire  within the meaning of Article 3(1)(b) of the Merger Regulation  joint control 
of Western Oil, Inc. (“Western Oil”, USA ) by way of  purchase of assets .3 
2. The business activities of the undertakings concerned are:  
 for Phillips 66 : a multinational energy company with a portfolio of integrated 
midstream, chemicals, refining and marketing businesses. Phillips 66 processes, 
transports, stores and markets fuels and products globally , 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduc ed certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 472, 23.11.2021 , p. 10. 

2  for Fortress : an alternative investment and asset management firm, which 
manages capital for a diverse group of investors including pension funds, 
endowments and foundations, financial institutions, funds of funds and high net 
worth individuals , 
 for Western Oil : a family -owned operator of gas sta tions and convenience stores 
in the States of Missouri and Illinois in the United States, selling motor fuel as 
wholesaler and retailer, daily consumer goods, and transportat ion services for 
third parties . 
3. After examinat ion of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5  (a) of the Commission  Notice on a simplified procedure for treatment of 
certain concentrations und er Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .