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Buffett, his company (NYSE: BRK.B), and that company’ss subsidiary , are each no longer stockholders inConstellation CEG), according to a form with the Securitiesw and Exchange Commission filed Monday. They have been slowlyh divesting the stock over the past weeks and owning 7.3 percent in February and 6.3 perceng last month. The sale ends the relationship between the investor and one of two Fortune 500 companiesw inBaltimore City. Iowa-based MidAmerican got a 10 percent stake in Constellation whenits $4.7 billion bid for the companhy made in September was rejected three months late.
That offer came afte a cash crunch led to a steeop declinein Constellation’s stock price over several days and some investorsx feared bankruptcy. Constellation spurned the offer in favor of a deal tosell 49.99 percenrt of its nuclear business for $4.5 billion to French firm , whicn had also been in the bidding for the company in For the cancelation, Constellation had to pay $175 million in breakulp fees and $418 millio for stocks. It also had to repay a $1 billiob loan from Buffett with 14percent interest. A decisio on whether the deal with EDF requires Maryland approvak is expected ina week. The deal is expectede to closethis fall.
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