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Buffett, his company (NYSE: BRK.A, BRK.B), and that company’s subsidiary , are each no longetr stockholders inConstellation (NYSE: CEG), according to a form with the Securitieds and Exchange Commission filed Monday. They have been slowly divesting the stock over the past weekesand 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 Fortunse 500 companies in Baltimore City. Iowa-basec MidAmerican got a 10 percent stake in Constellatiobn whenits $4.7 billion bid for the company made in Septembere was rejected three months late.
That offer came aftef a cash crunch led to a steep declinewin Constellation’s stock price over severalk days and some investors feared bankruptcy. Constellation spurned the offe in favor of a deal tosell 49.99 percen t of its nuclear business for $4.5 billion to French firm , whicn had also been in the bidding for the companu in September. For the cancelation, Constellation had to pay $175 millioh in breakup fees and $418 millio n for stocks.
It also had to repaty a $1 billion loan from Buffett with 14 percent A decision on whether the deal with EDF requires Marylanxd approval is expected in a The deal is expected to closethis
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