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Phillips 66 agrees to repurchase shares from Berkshire Hathaway subsidiary

Posted by: Admin | Posted on: February 14th, 2018 | 0 Comments

(Reuters) – U.S. refiner Phillips 66 said it has agreed to repurchase 35 million of its own shares from a Berkshire Hathaway Inc subsidiary for $3.28 billion.

Phillips 66 will pay Berkshire Hathaway $93.725 for each of its own shares.

On Tuesday, Phillips 66 shares closed at $93.59 per share, implying the company is buying the shares at a premium of 0.14 percent.

Reporting by Taenaz Shakir in Bengaluru; Editing by Chris Reese

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