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Buffett’s Berkshire Hathaway will not increase its Oncor offer

Including debt, Elliott’s offer values Oncor at $18.5b, above Berkshire’s $18.1b valuation

Gulf News

Bengaluru: The energy unit of Warren Buffett’s Berkshire Hathaway Inc said on Wednesday it will “stand firm” on its $9 billion (Dh33 billion) offer to acquire 80 per cent of Oncor Electric Delivery Company LLC and will not increase its offer. Elliott Management Corp, the largest creditor of Oncor’s bankrupt parent Energy Future Holdings Corp, has tried to best Berkshire’s offer for the Texas utility with a $9.3 billion proposal. Including debt, Elliott’s offer values Oncor at $18.5 billion, above Berkshire’s $18.1 billion valuation. Berkshire’s merger agreement with Oncor carries a $270 million termination fee should the deal fall through.

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