An energy company that conducts its business through various subsidiaries including a merchant energy business and Baltimore Gas and Electric Company.
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Constellation Energy (CEG) turns down the offer by MidAmerican Energy (think Warren Buffet) to buy 100% of the company for $4.7 billion. Then CEG accepts Electricité de France SA's $4.2 billion offer to buy a 49.9% interest in the company's assets.
Buffet doesn't buy anything unless it is screaming cheap. By going with the French suitor, CEG sells a half-interest in the company for only $0.5 billion less than Buffet was willing to pay for the whole enchilada. In other words, doing the French deal just increased CEG's value by 88%. I just cannot see how this isn't a great deal.
Awesome timing - you are really great at catching the lowest intraday values on CAPS it seems. The lousy 20 minute delay always seems to work against me...I also never got a chance to thank you for swinging by and commenting on my blog - it's an honor to have a top player visit me and give insight.Good luck! I'll be watching and learning.-adventurerneil / BigFatBEAR