OMAHA, Neb. - Warren Buffett's company has agreed to trade roughly $1.4 billion of its stock in Phillips 66 for one of the refiner's chemical businesses.
Houston-based Phillips 66 said Monday
that Berkshire Hathaway (BRK.A) will
give up about 19 million of its 27.2 million Phillips 66 shares to acquire a
business that makes additives that help crude oil flow through pipelines.
The exact number of shares will be
determined by the price of the Houston-based company's stock when the deal
closes. That's expected to happen in the first half of 2014.
Buffett says the business Berkshire is acquiring delivers consistently
strong financial performance. He says Berkshire's
Ohio-based specialty chemical maker, Lubrizol, will oversee the unit's