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A French nuclear power company is upping the ante for Constellation Energy Group, offering to pay $35 per share for the Baltimore wholesale power supplier, which last week agreed to be sold to a subsidiary of Warren E. Buffett's Berkshire Hathaway.
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Electricite de France SA, Europe's biggest power producer, said it offered to acquire Constellation Energy Group Inc. with KKR & Co. and TPG Capital LP for $6.2 billion, 32 percent more than Warren Buffett agreed to pay. The agreement announced Sept. 18 for Buffett's MidAmerican Energy Holdings Co. to buy Baltimore-based Constellation for $4.7 billion, or $26.50 a share, isn't adequate, Paris-based EDF said today in a public filing. Constellation Chief Executive Officer Mayo Shattuck said the Buffett deal was ``superior'' to any alternative available after the largest U.S. power marketer plunged 58 percent in the preceding three days.
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Nation’s Financial Crisis, Pending Takeover of Constellation Raise Concerns WASHINGTON, D.C. – A coalition of environmental and public interest groups today called on Maryland regulators to place a moratorium on the permitting of a new $9.6 billion nuclear reactor in light of the nation’s worsening financial crisis and serious concerns about the stability of the company building the project. Constellation Energy Group, which is seeking permits to build the reactor at Calvert Cliffs, Md., was tied financially to Lehman Brothers Holdings, the giant investment firm that filed for bankruptcy Monday. By Wednesday’s market close, Constellation shares had lost nearly 58 percent of their value, trading at less than $25 a share. In January, Constellation’s stock was trading at a 52-week high of $107.97.
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MidAmerican Energy Holdings Company, a subsidiary of Warren Buffett's Berkshire Hathaway, agreed Thursday to acquire Constellation Energy for around 4.7 billion dollars in cash. The companies said in a joint statement that MidAmerican agreed to purchase all outstanding shares of Constellation Energy for 26.50 dollars per share. MidAmerican shares which lost about 58 percent of their value this week, leapt 1.94 percent to 25.25 dollars on the news.
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UniStar Nuclear Energy and state officials are in a dispute about new conditions the state wants to impose for building a third reactor at the Calvert Cliffs Nuclear Power Plant.
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As the Maryland Public Service Commission began public hearings this week on a potential new nuclear reactor, the debate about nuclear energy's cost and effectiveness continues. The Maryland Public Interest Research Group released a report recently saying a new reactor at the Calvert Cliffs Nuclear Power Plant would lead to higher electric costs for Maryland ratepayers. The new plant's cost continues to escalate, and the project would likely receive substantial federal subsidies, the Baltimore organization says.
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