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Berkshire Trades Billions In Shares For Phillips 66 Pipeline Services

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January 2, 2014

Berkshire Hathaway Inc. (NYSE: BRK-A) will swap about $1.4 billion in shares of Phillips 66 (NYSE: PSX) for full ownership of the energy firm’s pipeline-services business, as billionaire Warren Buffett expands his bet on oil transportation, Phillips said Dec. 31.

Berkshire will exchange about 19 million shares, Phillips 66 said in a regulatory filing, when the energy company closed at $74.72 in New York Dec. 31. The exact number of shares Berkshire will pay for Phillips Specialty Products Inc. will be determined when the deal is completed, Phillips 66 said. ...

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