A subsidiary of Warren Buffett's Berkshire Hathaway just announced a tentative agreement to buy Constellation Energy for roughly $4.7 billion in cash.
MidAmerican Energy Holdings is paying just $26.50 a share. Constellation's stock closed at $58.37 last Friday and finished 2007 at $102.53.
Constellation's stock has plunged in recent days after S&P put its debt rating on watch amid worries about the liquidity needs of its commodities trading business.
In the news release, Buffett is quoted as saying, "MidAmerican has been a wonderful steward of its energy assets and the acquisition of Constellation Energy, when completed, will prove beneficial to all constituents."