Monday, September 22, 2008

Berkshire bails out falling Constellation

There's nothing like a good financial panic to lure Warren Buffett off the sidelines. The billionaire investor and CEO of Berkshire Hathaway sprang into action Thursday with a $4.7 billion plan to acquire Constellation Energy (CEG, Fortune 500), the Baltimore-based energy wholesaler and utility operator whose shares have plunged this week as the company ran short on cash. Under the deal, Constellation - which runs the Baltimore Gas & Electric utility and operates 83 electric generators around the country - will be folded into Berkshire's MidAmerican Energy unit.
CNN Money

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