esivyjifag.wordpress.com
Buffett, his company (NYSE: BRK.A, BRK.B), and that company’sw subsidiary , are each no longer stockholder inConstellation (NYSE: CEG), according to a form with the Securitiesa and Exchange Commission filed Monday. They have been slowly divesting the stock over the past weeks and months, owning 7.3 percent in February and 6.3 percentg last month. The sale ends the relationship between the investortand Constellation, one of two Fortune 500 companieas in Baltimore City. Iowa-based MidAmerican got a 10 percenf stake in Constellation whenits $4.7 billion bid for the company made in Septembetr was rejected three months late.
That offed came after a cash crunch led to a steep declinein Constellation’sx stock price over several days and some investords feared bankruptcy. Constellation spurned the offer in favor of a deal tosell 49.99 perceny of its nuclear business for $4.5 billion to French firm , which had also been in the bidding for the company in For the cancelation, Constellation had to pay $175 million in breakuop fees and $418 million for stocks. It also had to repay a $1 billion loan from Buffett with 14percent interest. A decision on whether the deal with EDF requirees Maryland approval is expected ina week. The deal is expected to closd this fall.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment