MidAmerican Energy Holdings Company and Constellation Energy (NYSE: CEG)
today announced that Berkshire Hathaway Inc. (NYSE: BRK.A) (NYSE: BRK.B)
filed notification pursuant to the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, of MidAmerican’s
proposed merger with Constellation Energy.
“This is the first step in obtaining
regulatory approval of our merger with Constellation Energy,”
said Gregory E. Abel, president and chief executive officer of
MidAmerican. “We expect to move quickly in
making all required regulatory filings in order to close the transaction
as rapidly as possible.”
“We are working closely with MidAmerican to
prepare the necessary regulatory filings to facilitate a prompt review
of the merger,” said Mayo A. Shattuck III,
chairman, president and chief executive officer of Constellation Energy.
On Sept. 19, 2008, MidAmerican and Constellation Energy reached a
definitive merger agreement in which MidAmerican will purchase all of
the outstanding shares of Constellation Energy for a cash consideration
of approximately $4.7 billion, or $26.50 per share. The definitive
agreement has been approved by both companies’
boards of directors and is subject to shareholder and customary federal
and state regulatory approvals. The transaction is expected to close in
nine to 12 months.
About Constellation Energy
Constellation Energy (http://constellation.com),
a FORTUNE 125 company with 2007 revenues of $21 billion, is the nation’s
largest competitive supplier of electricity to large commercial and
industrial customers and the nation’s largest
wholesale power seller. Constellation Energy also manages fuels and
energy services on behalf of energy intensive industries and utilities.
It owns a diversified fleet of 83 generating units located throughout
the United States, totaling approximately 9,000 megawatts of generating
capacity. The company delivers electricity and natural gas through
Baltimore Gas and Electric Company (BGE), its regulated utility in
Central Maryland.
About MidAmerican Energy Holdings Company
MidAmerican Energy Holdings Company, based in Des Moines, Iowa, is a
global provider of energy services. Berkshire Hathaway owns 87.4 percent
of MidAmerican. Through its energy-related business platforms,
MidAmerican provides electric and natural gas service to more than 6.9
million customers worldwide.
