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Buffett, his company (NYSE: BRK.A, and that company’s subsidiar y , are each no longer stockholders inConstellationm (NYSE: CEG), according to a form with the Securitiezs and Exchange Commission filed Monday. They have been slowlg divesting the stock over the past weekzsand months, owning 7.3 percent in February and 6.3 percenf last month. The sale ends the relationship between the investorand Constellation, one of two Fortune 500 companies in Baltimore City. Iowa-based MidAmerican got a 10 percen stake in Constellation whenits $4.
7 billio bid for the company made in Septembedr was rejected three months That offer came after a cash crunch led to a steelp decline in Constellation’s stock price over severalk days and some investorsw feared bankruptcy. Constellation spurned the offer in favo of a deal tosell 49.99 percent of its nucleatr business for $4.5 billion to French firm , whicb had also been in the bidding for the companu in September. For the cancelation, Constellatio had to pay $175 million in breakuo fees and $418 million for stocks. It also had to repay a $1 billio n loan from Buffett with 14percenrt interest.
A decision on whether the deal with EDF requiresd Maryland approval is expected in a The deal is expected to closethis fall.
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