February 13, 2018 / 11:52 PM / 3 months ago

BRIEF-Phillips 66 And Berkshire Hathaway Announce Share Repurchase Agreement

Feb 13 (Reuters) - Phillips 66:

* AND BERKSHIRE HATHAWAY ANNOUNCE SHARE REPURCHASE AGREEMENT

* SAYS IT HAS AGREED TO REPURCHASE 35 MILLION SHARES OF PHILLIPS 66 COMMON STOCK FROM A WHOLLY-OWNED SUBSIDIARY OF BERKSHIRE HATHAWAY INC.

* THE $3.3 BILLION REPURCHASE IS EXPECTED TO CLOSE ON FEB. 14, 2018

* ‍TRANSACTION IMMEDIATELY ACCRETIVE TO EARNINGS PER SHARE AND POSITIVE FOR VALUATION​

* AFTER TRANSACTION, CO WILL HAVE 466.5 MILLION SHARES OUTSTANDING OF WHICH BERKSHIRE WILL HAVE AN EQUITY OWNERSHIP INTEREST IN 45.7 MILLION SHARES​

* AGREED TO REPURCHASE 35 MILLION SHARES OF PHILLIPS 66 COMMON STOCK FROM UNIT OF BERKSHIRE HATHAWAY INC FOR $93.725 PER SHARE

* ‍WARREN BUFFETT SAYS “WE REMAIN ONE OF PHILLIPS 66’S LARGEST SHAREHOLDERS AND PLAN TO CONTINUE TO HOLD STOCK FOR LONG TERM”​

* BUFFETT SAYS TRANSACTION SOLELY MOTIVATED BY “OUR DESIRE TO ELIMINATE REGULATORY REQUIREMENTS” THAT COME WITH OWNERSHIP LEVELS ABOVE 10 PERCENT​ Source text for Eikon: Further company coverage:

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