MidAmerican and Constellation Energy Announce First Merger-Related Regulatory Filing
Media Contacts:
MidAmerican Energy Holdings Company:
Sara J. Schillinger/Ann Thelen
515-242-4032/515-281-2785
Constellation Energy:
Robert L. Gould/Debra Larsson
410-470-7433
Investor Contacts (Constellation Energy):
Kevin Hadlock/Janet Mosher
410-470-3647
DES MOINES, Iowa and BALTIMORE – (Oct. 2, 2008) – MidAmerican Energy Holdings Company and Constellation Energy (NYSE: CEG) today announced that Berkshire Hathaway Inc. (NYSE: BRK.A) (NYSE: BRK.B) filed notification pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, of MidAmerican’s proposed merger with Constellation Energy.
“This is the first step in obtaining regulatory approval of our merger with Constellation Energy,” said Gregory E. Abel, president and chief executive officer of MidAmerican. “We expect to move quickly in making all required regulatory filings in order to close the transaction as rapidly as possible.”
“We are working closely with MidAmerican to prepare the necessary regulatory filings to facilitate a prompt review of the merger,” said Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy.
On Sept. 19, 2008, MidAmerican and Constellation Energy reached a definitive merger agreement in which MidAmerican will purchase all of the outstanding shares of Constellation Energy for a cash consideration of approximately $4.7 billion, or $26.50 per share. The definitive agreement has been approved by both companies’ boards of directors and is subject to shareholder and customary federal and state regulatory approvals. The transaction is expected to close in nine to 12 months.
About Constellation Energy
Constellation Energy (www.constellation.com), a FORTUNE 125 company with 2007 revenues of $21 billion, is the nation’s largest competitive supplier of electricity to large commercial and industrial customers and the nation’s largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of 83 generating units located throughout the United States, totaling approximately 9,000 megawatts of generating capacity. The company delivers electricity and natural gas through Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland.
About MidAmerican Energy Holdings
MidAmerican Energy Holdings Company, based in Des Moines, Iowa, is a global provider of energy services. Through its energy-related business platforms, MidAmerican provides electric and natural gas service to more than 6.9 million customers worldwide. These business platforms are Pacific Power, Rocky Mountain Power and PacifiCorp Energy, which comprise PacifiCorp; MidAmerican Energy Company; CE Electric UK; Northern Natural Gas Company; Kern River Gas Transmission Company; and CalEnergy. Information about MidAmerican is available at www.midamerican.com.
About Berkshire Hathaway
Berkshire Hathaway and its subsidiaries engage in a number of diverse business activities including property and casualty insurance and reinsurance, utilities and energy, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.
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