Deals
Berkshire Awaps $1.4 Billion in Phillips 66 Stock in Deal
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Berkshire Hathaway Inc. will swap about $1.4 billion in shares of Phillips 66 for full ownership of the energy firm’s pipeline-services business as billionaire Warren Buffett expands his bet on oil transportation.
Berkshire will exchange about 19 million shares, Phillips 66 said in a regulatory filing yesterday, when the energy company closed at $74.72 in New York. The exact number of shares Berkshire will pay for Phillips Specialty Products Inc. will be determined when the deal is completed, Phillips 66 said.