IHS Chemical Week

Berkshire Hathaway to acquire Phillips 66 flow improver business

11:15 AM MST | December 31, 2013

Berkshire Hathaway (Omaha, NE) is acquiring Phillips Specialty Products Inc. (Houston), a flow improver business, from Phillips 66 (Houston), Phillips 66 announced. In exchange for the share capital of the wholly owned subsidiary, Phillips 66 will receive shares of Phillips 66 common stock currently held by Berkshire Hathaway, the company says. The specific number of shares will be determined by the share price at deal closing. “Berkshire Hathaway made a strong offer for our high-performing flow improver business. This transaction optimizes our portfolio and...

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