Berkshire Hathaway to buy Phillips 66 unit for $1.4B

Warren Buffett's Berkshire Hathaway Inc. has penned a deal to buy a business unit of Phillips 66 that makes chemicals designed to improve the flow potential of pipelines.

Berkshire will pay for the unit, Phillips Specialty Products Inc., using 19 million shares of Phillips 66 it already owns. The deal is value at about $1.4 billion, according to Fox News.

"I have long been impressed by the strength of the Phillips 66 business portfolio," Buffett said in a statement. "The flow improver business is a high-quality business with consistently strong financial performance."

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