Phillips 66 to repurchase 35M shares from Berkshire Hathaway

Phillips 66 (NYSE:PSX) +1.6% after-hours following news it agrees to repurchase 35M of its shares from a Berkshire Hathaway (BRK.A, BRK.B) subsidiary for $93.725/share, or ~$3.3B.

BRK"s Warren Buffett says the sale was solely motivated by the "desire to eliminate regulatory requirements" associated with ownership levels above 10%, and “we remain one of [PSX"s] largest shareholders and plan to continue to hold stock for the long term."

When the deal closes, PSX will have 466.5M shares outstanding, with Berkshire owning 45.7M shares.

Nguồn: seekingalpha.com