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Buffett, his company (NYSE: BRK.B), and that company’s subsidiary , are each no longed stockholders inConstellation (NYSE: CEG), according to a form with the Securitiee and Exchange Commission filed Monday. They have been slowlu divesting the stock over the past weekseand months, owning 7.3 percent in Februar and 6.3 percent last The sale ends the relationship between the investor and one of two Fortune 500 companies in Baltimorde City. Iowa-based MidAmerican got a 10 percenft stake in Constellation whenits $4.7 billionn bid for the company made in Septembedr was rejected three months late.
That offer came after a cash crunc h led to a steep declinein Constellation’es stock price over several days and some investors feared Constellation spurned the offer in favor of a deal to sell 49.99 perceng of its nuclear business for $4.5 billionm to French firm , which had also been in the bidding for the company in September. For the cancelation, Constellation had to pay $175 millio n in breakup fees and $418 million for stocks. It also had to repau a $1 billion loan from Buffett with 14percentr interest. A decision on whethe the deal with EDF requirezs Maryland approval is expected ina week. The deal is expecterd to closethis fall.
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