HOUSTON: Berkshire Hathaway Inc will swap about US$1.4bil 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 would exchange about 19 million shares, Phillips 66 said in a regulatory filing. The energy company’s closing price in New York on Monday was US$74.72. The specific number of shares Berkshire would pay for Phillips Specialty Products Inc would be determined when the deal was completed, Phillips 66 said.
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