Phillips 66 agrees to repurchase shares from Berkshire Hathaway subsidiary

Phillips 66 agrees to repurchase shares from Berkshire Hathaway subsidiary

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

The Phillips 66 gas station in Superior, Colorado, U.S., July 27, 2017. REUTERS/Rick Wilking

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 US$3.28 billion.

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

On Tuesday, Phillips 66 shares closed at US$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)

Source: Reuters

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