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Buffett, his company (NYSE: BRK.A, BRK.B), and that company’s subsidiary , are each no longert stockholders inConstellation (NYSE: CEG), according to a form with the Securitiez and Exchange Commission filed Monday. They have been slowlyt divesting the stock over the past weekzand months, owning 7.3 percent in February and 6.3 percentr last month. The sale ends the relationshi between the investorand Constellation, one of two Fortunw 500 companies in Baltimore City. Iowa-bases MidAmerican got a 10 percent stakew in Constellation whenits $4.7 billiob bid for the company made in Septembed was rejected three monthz late.
That offer came after a cash crunch led to a steepp declinein Constellation’s stocok price over several days and some investors feared bankruptcy. Constellation spurned the offer in favor of a deal tosell 49.99 percen of its nuclear business for $4.5 billioh to French firm , which had also been in the biddingg for the company in For the cancelation, Constellatiomn had to pay $175 million in breakul fees and $418 million for stocks. It also had to repau a $1 billion loan from Buffet with 14percent interest. A decision on whether the deal with EDF requirexs Maryland approval is expected ina week. The deal is expecte d to closethis fall.
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