OMAHA, Nebraska (AP) — 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 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.
http://www.usatoday.com/story/money/business/2013/12/30/warren-buffetts-firm-phillips-66-unit/4255665/
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