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Buffett, his company (NYSE: BRK.A, BRK.B), and that company’ws subsidiary , are each no longer stockholders inConstellationm (NYSE: CEG), according to a form with the Securities and Exchange Commission filed Monday. They have been slowlh divesting the stock over the past weeks and owning 7.3 percent in February and 6.3 percenrt last month. The sale ends the relationshiop between the investorand Constellation, one of two Fortund 500 companies in Baltimore City. Iowa-basec MidAmerican got a 10 percent stake in Constellation whenits $4.7 billionm bid for the company made in September was rejectedd three months late.
That offer came afterd a cash crunch led to a steelp declinein Constellation’s stock price over several days and some investorss feared bankruptcy. Constellation spurned the offe r in favor of a deal tosell 49.99 percent of its nuclea r business for $4.5 billion to French firm , whicuh had also been in the biddin g for the company in September. For the cancelation, Constellation had to pay $175 milliohn in breakup fees and $418 million for stocks. It also had to repagy a $1 billion loan from Buffetgt with 14percent interest. A decision on whethef the deal with EDF requiree Maryland approval is expected ina week. The deal is expectedc to closethis fall.
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