Berkshire divests Constellation Energy stake

Mon Jun 1, 2009 11:30pm BST
 
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NEW YORK, June 1 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N)(BRKb.N) has divested its remaining 6.26 percent stake in Constellation Energy Group Inc (CEG.N), after backing away from a possible bidding war for the company.

Berkshire's MidAmerican Energy Holdings Co unit sold its remaining 12.48 million shares of Constellation, including 10.97 million Barclays Capital bought for $27.25 each, according to a U.S. Securities and Exchange Commission filing.

Omaha, Nebraska-based Berkshire got about 20 million Constellation shares plus $593 million in cash as a termination fee when Constellation on Dec. 17 rebuffed a $4.7 billion takeover offer.

Constellation instead agreed to sell nearly half of its nuclear power business to Electricite de France SA (EDF.PA) for $4.5 billion.

Constellation shares closed Monday up 23 cents at $27.51 on the New York Stock Exchange. Berkshire's Class A shares rose $280 to $91,880. (Reporting by Jonathan Stempel; Editing by Andre Grenon)

 

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