Constellation Energy (CEG) Accepts EDF Offer

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09:32:37 am on December 18, 2008

Constellation Energy has accepted EDF’s offer to buy almost 50% of their nuclear business for $4.5 billion. They are withdrawing from their planned merger with MidAmerican Energy Holdings, which was going to buy the entire company for $4.7 billion. Constellation and Mid-American jointly terminated the merger agreement so that Constellation could go for the higher price offered by EDF.

MidAmerican’s Gregory Abel commented on the events:

"We were pleased to have been able to quickly provide a significant amount of capital that was critical to Constellation Energy as they went through unprecedented financial times. We appreciate the relationships we have built with the Constellation Energy team and wish them success as they pursue an alternative transaction."

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