Alexa

Constellation repays MidAmerican $1B plus interest

Constellation repays MidAmerican $1B plus interest

Constellation Energy Inc. has repaid MidAmerican Energy Holdings Co. $1 billion plus about $5 million in interest as part of its unwinding of an aborted takeover by the Warren Buffett unit, according to a filing with the federal Securities and Exchange Commission.
Baltimore-based Constellation said in the filing Tuesday that the payment was made Monday to MidAmerican, which offered $4.7 billion in September for the energy wholesaler.
Constellation was struggling with liquidity concerns at the time, but shareholders later complained about price, including Electricite de France SA, which eventually increased its holdings by buying half of Constellation's lucrative nuclear energy business, scuttling the deal with Des Moines, Iowa-based MidAmerican.
MidAmerican is a unit of Buffett's Omaha, Nebraska-based Berkshire Hathaway Inc.
Considering the repayment, Constellation said its estimated liquidity on Dec. 31 was about $2.4 billion.


Updated : 2021-04-11 03:39 GMT+08:00