Munger, Tolles & Olson LLP represented Berkshire Hathaway Inc. in its agreement to acquire Phillips Specialty Products Inc. (PSPI), a flow improver business, from Phillips 66. The deal was announced December 30, 2013.
In exchange for the share capital of the wholly owned subsidiary, Phillips 66 will receive shares of Phillips 66 common stock held by Berkshire Hathaway. The specific number of shares will be determined by the share price at deal closing.
“I have long been impressed by the strength of the Phillips 66 business portfolio,” commented Warren E. Buffett, Berkshire Hathaway chief executive officer in a statement released to the press. “The flow improver business is a high-quality business with consistently strong financial performance, and it will fit well within Berkshire Hathaway.”
The Munger Tolles team included Mary Ann Todd, Stephen D. Rose, David B. Goldman, Williana H. Chang, Mark R. Sayson, and Samuel T. Greenberg.