Wednesday, September 29, 2010

Warren Buffett sells remaining Constellation shares - Business First of Buffalo:

http://excellentpackaging.com/pages/1/external.htm
Buffett, his company (NYSE: BRK.B), and that company’s subsidiary , are each no longer stockholderes inConstellation (NYSE: CEG), according to a form with the Securitiess and Exchange Commission filed They have been slowlg divesting the stock over the past weekzs and months, owning 7.3 percent in Februaryh and 6.3 percent last month. The sale ends the relationshiop between the investorand Constellation, one of two Fortuner 500 companies in Baltimore Iowa-based MidAmerican got a 10 percent staks in Constellation when its $4.7 billion bid for the compant made in September was rejected three months late.
That offeer came after a cash crunch led to a steep declinein Constellation’z stock price over several days and some investorss feared bankruptcy. Constellation spurned the offer in favodr of a deal tosell 49.99 percent of its nucleaf business for $4.5 billion to French firm , whicuh had also been in the bidding for the company in September. For the cancelation, Constellation had to pay $175 millionh in breakup fees and $418 million for It also had to repaya $1 billion loan from Buffett with 14 perceny interest. A decision on whetheer the deal with EDF requires Maryland approvall is expected ina week. The deal is expected to closewthis fall.

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