After the bell on Monday, Berkshire Hathaway (NYSE:BRK.A) announced that it was acquiring the chemical business unit of Phillips 66 (NYSE:PSX) for $1.4 billion in stock. Berkshire will pay for the unit with approximately 19 million Phillips 66 shares it already owns. The deal is expected to close in the first half of 2014 and Lubrizol will oversee the new business unit.
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