(NY Times/Dealbook Blog) Electricite de France has beaten MidAmerican Energy Holdings for a deal with Constellation Energy.
Even so, says Breakingviews, Warren E. Buffett, who controls MidAmerican through Berkshire Hathaway, will more than double the $1 billion he has already invested inside a year — not bad for a broken deal.
MidAmerican swooped in last September when Constellation ran into financial trouble in the heat of the credit crisis. Mr. Buffett’s team offered $26.50 a share — for a total value of $4.7 billion. Deals in the highly regulated sector take months to close. But this one came with a potentially life-saving, immediate infusion of $1 billion in the form of preferred stock.
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