Warren Buffett's Berkshire Hathaway Inc struck a deal to purchase a Phillips 66 business that makes chemicals to improve the flow potential of pipelines for around $1.4 billion of stock. Phillips 66 said on Monday that Berkshire will pay for the unit, Phillips Specialty Products Inc, using about 19 million shares of Phillips 66 stock that it currently owns."Berkshire Hathaway made a strong offer for our high-performing flow improver business," said Greg Garland, Chairman and CEO of Phillips 66The exact number of shares Berkshire will pay for the unit will be determined by their price on the closing date, the companies said."I have long been impressed by the strength of the Phillips 66 business portfolio," Buffett said in a statement. "The flow improver business is a high-quality business with consistently strong financial performance."
Berkshire Hathaway Inc. (Berkshire) is a holding company owning subsidiaries engaged in a number of diverse business activities. Shares of BRK-A fell by 0.05% or $-90.7969/share to $177069.20. In the past year, the shares have traded as low as $132400.00 and as high as $178900.00. On average, 452 shares of BRK-A exchange hands on a given day and today's volume is recorded at 162.
Berkshire Hathaway Inc. (Berkshire) is a holding company owning subsidiaries engaged in a number of diverse business activities. Shares of BRK-B traded higher by 0.03% or $0.04/share to $118.04. In the past year, the shares have traded as low as $88.11 and as high as $119.30. On average, 3400150 shares of BRK-B exchange hands on a given day and today's volume is recorded at 1942571.
Phillips 66 is a holding company. The Company is engaged in producing natural gas liquids (NGL) and petrochemicals. Shares of PSX fell by 0.04% or $-0.03/share to $74.72. In the past year, the shares have traded as low as $50.12 and as high as $75.39. On average, 3435530 shares of PSX exchange hands on a given day and today's volume is recorded at 2252172.
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