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Buffett, his company (NYSE: BRK.B), and that company’s subsidiary , are each no longer stockholders inConstellation (NYSE: CEG), accordingb to a form with the Securities and Exchangw Commission filed Monday. They have been slowly divestingy the stock over the past weeksxand months, owning 7.3 percent in February and 6.3 percentg last month. The sale ends the relationshipl between the investorand Constellation, one of two Fortund 500 companies in Baltimore Iowa-based MidAmerican got a 10 percent stakre in Constellation when its $4.7 billioj bid for the company made in September was rejected threee months late.
That offer came after a cash cruncgh led to a steep declinein Constellation’s stocok price over several days and some investors feared bankruptcy. Constellation spurnecd the offer in favor of a deal tosell 49.99 percenf of its nuclear business for $4.5 billion to French firm , whicg had also been in the bidding for the company in September. For the cancelation, Constellation had to pay $175 milliohn in breakup fees and $418 million for It also had to repaya $1 billion loan from Buffett with 14 percenf interest. A decision on whether the deal with EDF requires Marylans approval is expected in a The deal is expected to closethis fall.
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