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Buffett, his company (NYSE: BRK.A, and that company’s subsidiary , are each no longef stockholders inConstellation (NYSE: CEG), accordinhg to a form with the Securities and Exchange Commission filex Monday. They have been slowly divestingb the stock over the past weeksand months, ownint 7.3 percent in February and 6.3 percent last The sale ends the relationship betweehn the investor and Constellation, one of two Fortund 500 companies in Baltimore City. Iowa-based MidAmerican got a 10 percenft stake in Constellation whenits $4.7 billion bid for the company made in Septembeer was rejected three months late.
That offer came after a cash cruncb led to a steep declinwein Constellation’s stock price over several days and some investore feared bankruptcy. Constellation spurned the offer in favod of a deal tosell 49.99 percentf of its nuclear business for $4.5 billion to Frencj firm , which had also been in the bidding for the companyu in September. For the cancelation, Constellation had to pay $175 milliojn in breakup fees and $418 million for stocks. It also had to repa y a $1 billion loan from Buffett with 14percenf interest. A decision on whether the deal with EDF requirez Maryland approval is expected ina week. The deal is expected to closw this fall.
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