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Warren Buffett Watch
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Constellation Energy Group Photo Constellation Energy's Nine Mile Point Nuclear Station in Scriba, New York. |
] is breaking up with Warren Buffett's MidAmerican Energy Holdings in favor of France's EDF.In a news release this morning (Wednesday), Constellation and MidAmerican were very civil as they announced they "jointly reached agreement" to terminate their September merger deal that called for MidAmerican to buy all of Baltimore-based Constellation for $4.7 billion. MidAmerican had also made an emergency $1 billion cash infusion into Constellation.
The release quotes MidAmerican's Gregory Abel as saying, "We were pleased to have been able to quickly provide a significant amount of capital that was critical to Constellation Energy as they went through unprecedented financial times. We appreciate the relationships we have built with the Constellation Energy team and wish them success as they pursue an alternative transaction."
The alternate transaction, of course, is with Électricitié de France, which now has a "definitive investment deal" to buy 49.99 percent of Constellation's nuclear business for $4.5 billion.
Buffett's side clearly stated yesterday it would not challenge EDF's offer, which was made public earlier this month amid grumbling from some Constellation shareholders that Buffett's price was too low.
But, as we've been pointing out here on WBW (Why Fight When You Can Take the Money And Run?), Buffett doesn't go away empty-handed.
Mid-American gets almost $600 million in cash, 10 percent of Constellation's common stock, and a 14 percent payback on its $1 billion cash infusion.
The Constellation-EDF deal still requires approval from the Nuclear Regulatory Commission.
Current Berkshire stock prices:
Class A: [US;BRK.A
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Class B: [US;BRK.B
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- Former CEO of Berkshire Subsidiary Sentenced to Two Years In Prison (December 16)
- Warren Buffett Won't Fight the French For Constellation Energy (December 16)
- Warren Buffett: People Thought "I Was Doing Some Sort of Ponzi Scheme" (December 16)
- Warren Buffett's Electric Car Hits the Chinese Market, But Rollout Delayed For U.S. & Europe (December 15)
- Faith, Doubt, and Warren Buffett (December 15)
- Warren Buffett's Burlington Northern Railroad Stake Tops 20% (December 14)
- Warren Buffett's Burlington Northern Stake Rises To Almost 20% After Options-Related Stock Buy (December 10)
- Constellation Isn't Breaking Up With Buffett Yet .. But Plans To Talk With Rival Suitor (December 8)
- Warren Buffett: Why Fight When You Can Take the Money And Run? (December 3)
Data is a real-time snapshot *Data is delayed at least 15 minutes