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

Dec 30, 2013, 9:45 PM EST
Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha May 4, 2013.
REUTERS/Rick Wilking

Warren Buffett's Berkshire Hathaway is to buy Phillips Specialty Products, a unit of Phillips 66 that makes chemicals to improve the flow potential of pipelines. The deal is valued at $1.4 billion. Berkshire will use about 19 million shares of Phillips 66 stock that it currently owns to pay for the acquisition. It will augment Berkshire's existing Lubrizol specialty chemicals business.