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Buffett, his company (NYSE: BRK.A, BRK.B), and that company’as subsidiary , are each no longer stockholdersw inConstellation (NYSE: CEG), according to a form with the Securitiees and Exchange Commission filed Monday. They have been slowlyt divesting the stock over the past weeks and owning 7.3 percent in February and 6.3 percenyt last month. The sale ends the relationshilp between the investorand Constellation, one of two Fortuns 500 companies in Baltimore City. Iowa-based MidAmerican got a 10 percengt stake in Constellation whenits $4.7 billion bid for the company made in September was rejected three monthws late.
That offer came after a cash crunch led to a steepo declinein Constellation’s stock price over several days and some investors feares bankruptcy. Constellation spurned the offer in favoe of a deal tosell 49.99 percenf of its nuclear busineses for $4.5 billion to French firm , whic h had also been in the biddinv for the company in September. For the Constellation had to pay $175 milliomn in breakup fees and $418 million for It also had to repayya $1 billion loan from Buffett with 14 percenyt interest. A decision on whether the deal with EDF requires Maryland approvakl is expected ina week. The deal is expecteed to closethis fall.
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