Berkshire Hathaway Inc. will swap about $1.4 billion in shares of Phillips 66 for full ownership of the energy firm’s pipeline-services business as billionaire Warren Buffett expands his bet on oil transportation.
Lubrizol Chief Executive Officer James Hambrick, who sold the chemical-additives maker to Warren Buffett’s Berkshire Hathaway Inc. last year, told Fox Business News that business is pressured by declines in Europe.
Warren Buffett stole headlines when he committed $12.1 billion in a deal to take ketchup maker HJ Heinz Co. private this year. Managers at his Berkshire Hathaway Inc. spent as much in 2012 while attracting less attention.
Lubrizol Corp. said its sale to Berkshire Hathaway Inc. will be completed “as quickly as possible” and is unaltered by the resignation of a senior executive who helped Warren Buffett negotiate the takeover.
Berkshire Hathaway Inc. former manager David Sokol exercised poor judgment yet may not have broken insider-trading laws by buying stock in a company he later proposed as a takeover target to Chairman Warren Buffett , legal experts said.