Warran Buffett divest remain shares in Constellation Energy stake
From Bloomberg:
Warren Buffett’s Berkshire Hathaway Inc. divested the last of its stake in Constellation Energy Group Inc. after declining to enter a bidding war for the firm.
Berkshire’s MidAmerican Energy Holdings Co. holds no stock, compared with a stake of 12.5 million shares, or about 6.3 percent, reported last month, the company said today in a regulatory filing.
Berkshire took the stake as part of a termination package when Constellation broke an agreement to sell itself to Buffett’s firm for $4.7 billion. Constellation instead struck a deal to sell half of its nuclear-power business to Electricite de France SA for $4.5 billion. Berkshire also got about $593 million in cash.
The filing marks the fourth time this year that MidAmerican has reported cutting its Constellation stake. Constellation shares rose 23 cents to $27.51 today in New York Stock Exchange composite trading. Berkshire increased $280 to $91,880.
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