Électricité de France International, a French power giant and Constellation Energy Group’s largest shareholder, revealed Monday its own offer to buy the Baltimore energy company for more than the $4.7 billion offered by a Warren Buffett-owned subsidiary.
EDFI said it offered $35 per share to buy Constellation (NYSE: CEG), more than the $26.50 per share Constellation agreed to in its deal with MidAmerican Energy Holdings Co., which was unveiled Sept. 18.
“EDFI as a shareholder believes that the MidAmerican transaction does not provide adequate value to shareholders,” the French company said in a U.S. Securities and Exchange Commission filing Monday. “EDFI remains committed to pursuing opportunities in the U.S. nuclear industry and is reviewing all of its options with respect to increasing the value of its investment in Constellation for itself and Constellation’s other shareholders.”
Constellation CEO Mayo Shattuck III, in a Monday morning conference call with MidAmerican Energy executives, called the MidAmerican offer — coming last week in the wake of a financial markets meltdown that saw Constellation’s liquidity called into question — “the most superior offer.”
Constellation and MidAmerican officials couldn’t be reached immediately for further comment.
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