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Warren Buffett Keeps Selling Consolation Prize From Constellation Crack-Up

Tuesday, 10 Feb 2009 | 11:43 AM ET

Last December, when Constellation Energy ditched its deal to be acquired by Berkshire Hathaway's MidAmerican Energy Holdings, there was a price to be paid.

If Constellation didn't go through with its September deal, it had to pay a break-up fee to MidAmerican, including 10 percent of its common stock. (WBW post: Why Fight When You Can Take the Money And Run?)

The 19,897,322 shares were handed over in mid-December after Constellation agreed to a merger deal with France's ECF.

Since the beginning of the year, Buffett has been steadily selling them right around $27 each.

Current price:

In a filing with the SEC, Constellation says that as of last Friday, Berkshire's holdings had been reduced by over five million shares to 14,831,107 shares. That takes Buffett's stake in Constellation down to 7.45 percent from 9.99 percent, and has raised almost $137 million.

If the past is any guide, the sales won't stop there.

Here's a listing from the Constellation filings this month and last month.

Berkshire's Constellation Sales

Date Shares Sold Price/Share Total Price
January 6 48,300 $26.61 $1,285,263
January 8 93,500 $26.55 $2,482,425
January 9 200,000 $26.66 $5,332,000
January 12 300,000 $27.11 $8,133,000
January 13 231,500 $27.32 $6,324,580
January 14 238,200 $26.89 $6,405,198
January 15 270,900 $27.13 $7,349,517
January 16 325,000 $27.55 $8,953,750
January 20 243,700 $27.03 $6,587,211
January 21 262,500 $26.82 $7,040,250
January 22 460,400 $27.06 $12,458,424
January 23 91,300 $26.61 $2,429,493
January 26 304,000 $26.99 $8,204,960
January 27 124,500 $26.83 $3,340,335
January 28 250,000 $27.08 $6,770,000
January 29 315,200 $27.29 $8,601,808
January 30 63,276 $26.67 $1,687,571
February 2 57,438 $26.62 $1,529,000
February 3 28,800 $26.58 $765,504
February 4 30,798 $26.56 $817,995
February 5 479,600 $26.99 $12,944,404
February 6 548,603 $27.14 $14,889,085
February 9 98,700 $26.72 $2,637,264
TOTAL 5,066,215 $27.04 $136,969,037
Source: SEC Filings

Current Berkshire stock prices:

Class A:

Class B:

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Questions? Comments? Email me at buffettwatch@cnbc.com

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