The Phillips 66 gas station in Superior, Colorado, U.S., July 27, 2017. REUTERS/Rick Wilking
February 14, 2018
(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)
