Constellation Energy Group gets $1 bln in cash
Sep 22, 2008 U.S Hot Stocks
NEW YORK (MarketWatch) — Constellation Energy Group (CEG) CEO Mayo A. Shattuck said the company is receiving $1 billion in cash on Monday as part of its upcoming sale to Berkshire Hathaway’s MidAmerican Energy Holdings. In a conference call, Shattuck said the demise of Lehman Brothers led to speculation about his company’s financial health, despite a filing from the firm last week that it had secured a $2 billion credit facility. Once its stock price fell, a ratings downgrade was imminent, and the company needed to raise cash or its operating business would have suffered, he said. The transaction is expected to close within a year. MidAmerican CEO Gregory E. Abel said the overall business of Constellation remains sound.
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Tags: 1 Billion, Abel, Berkshire Hathaway, Bln, Ceg, Ceo, Conference Call, Constellation Energy, Constellation Energy Group, Demise, Financial Health, Lehman Brothers, Marketwatch, Mayo A Shattuck, Midamerican Energy Holdings, Speculation, Stock Price
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