Warren Buffett Buys Over Constellation Energy
Posted in News on Sep 19th, 2008
In the midst of the financial crisis, Warren Buffett has moved in to buy over a company – at a bargain price.
Constellation Energy, a company which is the nation’s largest competitive supplier of electricity to large commercial and industrial customers and the nation’s largest wholesale power seller, was bought over by MidAmerican Energy Holdings Company, a subsidairy of Berkshire Hathaway.
The purchase was paid for in cash for abuot $4.7 billion, or $26.50 per share. For the record, Constellation’s stock closed at $58.37 last Friday and finished 2007 at $102.53.
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