Berkshire Hathaway to buy Phillips 66 unit for around $1.4 billion

Warren Buffett's Berkshire Hathaway Inc struck a deal to buy a Phillips 66 business that makes chemicals to improve the flow potential of pipelines for around $1.4 billion of stock. Phillips 66 said on Monday that Berkshire will pay for the unit, Phillips Specialty Products Inc, using about 19 million shares of Phillips 66 stock that it currently owns. "I have long been impressed by the strength of the Phillips 66 business portfolio," Buffett said in a statement. The exact number of shares Berkshire will pay for the unit will be determined by their price on the closing date, the companies said.

via Business News - Yahoo Finance http://finance.yahoo.com/news/berkshire-hathaway-buy-phillips-66-023859704.html