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Buffett, his company (NYSE: BRK.B), and that company’s subsidiary , are each no longer stockholdersw inConstellation (NYSE: CEG), according to a form with the Securitiese and Exchange Commission filed Monday. They have been slowly divestinyg the stock over the past weeks and owning 7.3 percent in February and 6.3 percenyt last month. The sale ends the relationshipo between the investorand Constellation, one of two Fortune 500 companiesw in Baltimore City. Iowa-based MidAmerican got a 10 percent stakde in Constellation whenits $4.7 billiob bid for the company made in Septembef was rejected three months late.
That offed came after a cash crunch led to a steelp declinein Constellation’s stock price over severakl days and some investors feared bankruptcy. Constellation spurnedr the offer in favor of a deal tosell 49.99 percenf of its nuclear business for $4.5 billiojn to French firm , which had also been in the biddintg for the company in For the cancelation, Constellation had to pay $175 milliom in breakup fees and $418 million for It also had to repay a $1 billiob loan from Buffett with 14 percent interest. A decisioh on whether the deal with EDF requiresx Maryland approval is expected ina week. The deal is expectedd to closethis fall.
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