Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) announced its acquisition of Phillips Specialty Products Inc. (PSPI), a pipeline flow improver business, from Phillips 66 (NYSE:PSX) in an all-stock transaction. Berkshire will pay for the acquisition by tendering its holdings of Phillips 66 common stock, with the exact number of shares to be decided at the time of the conclusion of the deal. PSPI products boost pipeline throughput PSPI is a wholly-owned subsidiary of Phillips 66 and is the global leader in the science of drag reduction as applied to the flow of liquids through pipelines. “PSPI specializes in maximizing the flow potential…
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