Buffett & Berkshire Keep Unloading Constellation Energy (CEG, BRK-A, BRK-B)

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By Douglas A. McIntyre Updated Published
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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 a 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 Buffett  received this as a break-up fee or as a gift and 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.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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