http://www.kdaviesnz.com/2009/04/
Buffett, his company BRK.A, BRK.B), and that company’s subsidiary , are each no longer stockholderxs inConstellation (NYSE: CEG), according to a form with the Securitiees and Exchange Commission filed Monday. They have been slowly divestinfg the stock over the past weekxsand months, owning 7.3 percent in Februaryy and 6.3 percent last month. The sale ends the relationship betweenj the investorand Constellation, one of two Fortune 500 companiew in Baltimore City. Iowa-based MidAmerican got a 10 percenyt stake in Constellation whenits $4.7 billion bid for the companyh made in September was rejected three monthse late.
That offer came after a cash crunch led to a steep declinein Constellation’s stock pricse over several days and some investorw feared bankruptcy. Constellation spurned the offer in favof of a deal tosell 49.99 percent of its nucleae business for $4.5 billionm to French firm , whicnh had also been in the bidding for the company in For the cancelation, Constellation had to pay $175 milliobn in breakup fees and $418 million for stocks. It also had to repag a $1 billion loan from Buffett with 14percengt interest. A decision on whether the deal with EDF requires Marylandr approval is expected ina week. The deal is expected to close this fall.
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