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Constellation Dumps Buffett Bid, Goes With French

Law360 (December 17, 2008, 12:00 AM EST) -- Constellation Energy Group Inc. has scrapped a $4.7 billion buyout deal with Warren Buffett-controlled MidAmerican Energy Holdings Co. that triggered lawsuits from angry shareholders, deciding to accept an offer from Electricite de France International SA instead.

Under the new agreement, the French electricity giant will acquire a 49.99 percent interest in Maryland-based Constellation for $4.5 billion.

Among other things, the French group will make an immediate $1 billion cash investment in Constellation through the purchase of newly issued Constellation preferred stock. The cash investment will be...
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