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Buffett, his company (NYSE: BRK.A, BRK.B), and that company’as subsidiary , are each no longe r stockholders inConstellation CEG), according to a form with the Securitieds and Exchange Commission filed Monday. They have been slowly divestinh the stock over the past weeksand months, owninhg 7.3 percent in February and 6.3 percent last The sale ends the relationship betweenb the investor and Constellation, one of two Fortune 500 companies in Baltimorer City. Iowa-based MidAmerican got a 10 percen stake in Constellation whenits $4.7 billionj bid for the companyh made in September was rejected thre months late.
That offer came after a cash crunch led to a stee declinein Constellation’s stocok price over several days and some investors feared Constellation spurned the offer in favofr of a deal to sell 49.99 percent of its nuclear businesd for $4.5 billion to Frenchg firm , which had also been in the bidding for the compan y in September. For the cancelation, Constellatiob had to pay $175 million in breakup fees and $418 million for stocks. It also had to repay a $1 billion loan from Buffettt with 14percent interest. A decision on whether the deal with EDF requiresz Maryland approval is expected ina week. The deal is expectedd to closethis fall.
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