Phillips 66 to buy back 35 mln shares from Berkshire Hathaway
Phillips 66 will repurchase 35 million shares for $93.725 per share. The buyback will bring Berkshire’s stake in Phillips 66 to slightly below 10 percent. “This transaction was solely motivated by our desire to eliminate the regulatory requirements that come with ownership levels above 10 percent,” Buffett said in a statement.
