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Sempra Energy bids $9.45B for Oncor, topping Buffett offer

SAN DIEGO (AP) — Sempra Energy is buying Texas power transmitter Oncor for $9.45 billion in cash, wresting it away from Warren Buffett's Berkshire Hathaway.

Berkshire Hathaway said last month that it would buy Oncor for $9 billion, and last week it stuck to that bid.

Hedge fund Elliott Management, which owns a significant portion of Oncor's debt, opposed Berkshire's takeover bid, saying it wasn't enough.

Elliott spokesman Michael O'Looney said the hedge fund supports Sempra's bid because it will provide more to all of Oncor and Energy Future's creditors.

Previously, in April Texas regulators rejected a proposed $18 billion sale of Oncor to NextEra Energy Inc. That price tag included debt.


  • Buffett Gets Beat Out On Oncor Bid By Sempra EnergySeeking Alpha
  • Early movers: SRE, ADP, FCAU, TCS, NVS, GS, EA & moreCNBC
  • Warren Buffett's Berkshire Hathaway has been outbid for OncorBusiness Insider
  • Sempra Energy to buy Oncor for $9.45 billion in blow for BerkshireReuters
  • Sempra Energy Bids $9.45 billion To Buy Dallas-Based OncorCBS DFW
  • Sempra Energy to buy Oncor for $9.45 billion in blow to BerkshireReuters
  • Berkshire Disappointed by Collapse of $9 Billion Oncor AgreementBloomberg
  • Warren Buffett outbid in race to buy big piece of Texas electric gridKGBT-TV
  • Sempra Energy launches fourth attempt to acquire

This post first appeared on The 5th News, please read the originial post: here

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Sempra Energy bids $9.45B for Oncor, topping Buffett offer


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