Buffett's Firm Maintains $9 Billion Bid for Oncor
OMAHA, Neb. (AP) — Warren Buffett’s company is maintaining its $9 billion bid for Texas power transmitter Oncor despite competition from a private equity fund.
Greg Abel, who leads Iowa-based Berkshire Hathaway Energy, said he doesn’t plan to increase the offer for Oncor, which serves about 10 million people.
A bankruptcy court hearing is scheduled for Monday to review Berkshire’s bid for Oncor. Its parent company, Energy Future Holdings Corp., entered bankruptcy in 2014 facing more than $40 billion in debt after energy prices plunged.
Hedge fund Elliott Management, which owns a significant portion of Oncor’s debt, opposes Berkshire’s takeover bid, and Elliott is putting together a competing bid for Oncor.
The bankruptcy court and Texas utility regulators will have to sign off on any sale.
Buffett’s Omaha, Nebraska-based Berkshire already owns several utilities.
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