Warren Buffett's Firm Acquiring Business From Phillips 66 - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

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Warren Buffett's Firm Acquiring Business From Phillips 66

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Warren Buffet. [CBS] Warren Buffet. [CBS]
OMAHA, Nebraska -

Berkshire Hathaway has agreed to trade roughly $1.4 billion of its stock in Phillips 66 for one of the refiner's chemical businesses, Phillips Specialty Products.

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.

Phillips 66 news release

"Berkshire Hathaway made a strong offer for our high-performing flow improver business," said Greg Garland, Chairman and CEO of Phillips 66. "This transaction optimizes our portfolio and focuses growth on our Midstream and Chemicals businesses."

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.

"I have long been impressed by the strength of the Phillips 66 business portfolio," commented Warren E. Buffett, Berkshire Hathaway chief executive officer.

He says Berkshire's Ohio-based specialty chemical maker, Lubrizol, will oversee the unit's strategic direction.

The Associated Press contributed to this report.

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