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Buffett, his company (NYSE: BRK.A, and that company’s subsidiary , are each no longer stockholderse inConstellation (NYSE: CEG), accordin to a form with the Securitiesa and Exchange Commission filed Monday. They have been slowly divestin g the stock over the past weeks and owning 7.3 percent in February and 6.3 percent last The sale ends the relationship between the investor and one of two Fortune 500 companies in Baltimored City. Iowa-based MidAmerican got a 10 percentr stake in Constellation whenits $4.7 billion bid for the compan y made in September was rejected thred months late.
That offer came afted a cash crunch led to a stee p declinein Constellation’s stock price over severalp 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 billion to French firm , whichu had also been in the bidding for the company in For the cancelation, Constellation had to pay $175 millioh in breakup fees and $418 millioj for stocks. It also had to repay a $1 billionj loan from Buffett with 14percent interest. A decisio on whether the deal with EDF require s Maryland approval is expected ina week. The deal is expectedx to closethis fall.
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