{"id":39786,"date":"2013-12-31T10:37:41","date_gmt":"2013-12-31T15:37:41","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=39786"},"modified":"2013-12-31T10:47:33","modified_gmt":"2013-12-31T15:47:33","slug":"warren-buffet-acquires-phillips-66-affiliate","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/12\/2013\/warren-buffet-acquires-phillips-66-affiliate.html","title":{"rendered":"Warren Buffet Acquires Phillips 66 Affiliate"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/12\/022512buffett_512x288.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-39788\" alt=\"022512buffett_512x288\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/12\/022512buffett_512x288-300x168.jpg\" width=\"300\" height=\"168\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/12\/022512buffett_512x288-300x168.jpg 300w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/12\/022512buffett_512x288.jpg 512w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>New York (HedgeCo.Net) &#8211; Business magnate and philanthropist Warren Buffet announced plans to buy an affiliate of energy manufacturing and\u00a0logistics company Philips 66.\u00a0Phillips Specialty Products Inc. (PSPI), develops polymers that reduce drag help improve flow potential in pipelines.<\/p>\n<p>\u201cI have long been impressed by the strength of the Phillips 66 business portfolio,\u201d Buffett said.\u00a0\u201cThe flow improver business is a high-quality\u00a0business with consistently strong financial performance, and it will fit well within Berkshire Hathaway. I\u00a0plan to have James L. Hambrick, CEO of The Lubrizol Corporation, oversee its strategic direction.\u201d Buffet acquired\u00a0Lubrizol in 2011\u00a0for approximately $9 billion.<\/p>\n<p>In exchange for the share capital of the wholly owned subsidiary, Phillips 66 will receive around $1.4 billion in stock according to Reuters.\u00a0The specific number of shares will\u00a0be determined by the share price at deal closing.<\/p>\n<p>Following regulatory review, the transaction is expected to close in the first half of 2014.<\/p>\n<p>Alex Akesson<br \/>\nEditor for\u00a0<a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.Net<\/a>\u00a0is a premier\u00a0<a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\/\">hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; Business magnate and philanthropist Warren Buffet announced plans to buy an affiliate of energy manufacturing and\u00a0logistics company Philips 66.\u00a0Phillips Specialty Products Inc. (PSPI), develops polymers that reduce drag help improve flow potential in pipelines. \u201cI have [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16044,3],"tags":[],"class_list":["post-39786","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-strategies-2","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=39786"}],"version-history":[{"count":5,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39786\/revisions"}],"predecessor-version":[{"id":39792,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39786\/revisions\/39792"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=39786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=39786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=39786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}