Posted: May 14, 2009 at 11:37 am
JON C. OGG
Warren Buffett isn’t hanging on to his relatively new shares of Constellation Energy Group, Inc. (NYSE: CEG). Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B), via MidAmerican Energy, had been a seller of shares before after receiving about 20 million shares in the break-up or deal termination fee after Constellation decided to go with a better deal (or a different deal) from EDF from France in a joint venture rather than an all-out merger.
MidAmerican had already taken its stake to under 15 million shares in February, and a new filing shows that it now holds about 12.4 million shares. The sales took place during April and in May for a total of over 2.3 million shares.
Warren Buffett does not like bidding wars. He also wants to think in terms of forever as his holding period. Since he received this as a break-up fee or as a gift and since he has started selling shares already, chances are that he will continue to use the position as another source of funds.
As of the cut-off date in the filing, MidAmerican is still a holder of over 6% of the company and this trades only about 2 million shares per day.
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