Drama At The Constellation Energy Corral
Looks like
EDF did make a bid after all
- A French nuclear power company is upping the ante for wholesale power supplier Constellation Energy Group Inc., offering to pay $8.50 per share more for the company, which has agreed to be sold to a unit of Warren Buffett's Berkshire Hathaway Inc. Electricite de France SA offered Monday to pay $35 per share for the Baltimore company.
- EDF made the offer in conjunction with private equity firms Kohlberg Kravis Roberts & Co. and TPG Capital. EDF owns nearly 10 percent of Constellation Energy now.
But
Constellation CEO is adamant he is sticking with Buffet despite the far lower price - boggling. Why the board of directors, who are supposed to represent shareholders, is not stomping its feet is beyond me.
- Power company Constellation Energy Group Inc (CEG) on Monday defended its decision to accept a buyout from Warren Buffett's MidAmerican Energy Holding over a higher offer from French energy giant EDF and two private equity groups.
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