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Berkshire Hathaway to acquire specialty polymers business from Phillips 66

4:16 AM MST | December 31, 2013 | Francinia Protti-Alvarez

Berkshire Hathaway (Omaha, NE) is acquiring Phillips Specialty Products Inc. (PSPI; Houston), a flow improver business, from Phillips 66 (Houston), Phillips 66 announced. In exchange for the share capital of PSPI, a wholly owned subsidiary, Phillips 66 will receive 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. The enterprise value of the deal is estimated at almost $1 billion, reports say. “Berkshire Hathaway made a strong offer for our...

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