Berkshire Hathaway Inc, the investment firm led by billionaire investor Warren Buffett divested its remaining stake in utility firm Constellation Energy Group Inc. after refusing to enter a bidding war for the firm.
Berkshire's MidAmerican Energy Holdings Co. unit withdrew its remaining 6.3 percent stake composed of 12.5 million shares, the company said today according to a filing to a U.S. Securities Exchange Commission today.
In December, Constellation broke an agreement to be taken over by Berkshire for $4.7 billion. As a result Berkshire obtained about 20 million Constellation shares plus $593 million in cash as a termination fee.
Constellation instead entered a deal with Electricite de France SA to sell half its nuclear power business for $4.5 billion.
Shares of Constellation were trading rose 0.84 percent to close at $27.51 in Monday trading on the New York Stock Exchange.