Phillips 66 buys back shares from Berkshire
USA
HOUSTON, February 14, 2018 – Phillips 66 has agreed to buy back shares worth approximately USD 3.3 billion from Berkshire Hathaway, the companies announced in a joint press release on Tuesday.
The deal, which is expected to close on Wednesday, will leave Berkshire with just under 10% interest in Phillips 66.
“Phillips 66 is a great company with a diversified downstream portfolio and a strong management team,” said Warren E. Buffett, chairman and CEO of Berkshire Hathaway. “This transaction was solely motivated by our desire to eliminate the regulatory requirements that come with ownership levels above 10%. We remain one of Phillips 66’s largest shareholders and plan to continue to hold the stock for the long term.”
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