Warren Buffett’s Berkshire Hathaway Energy Stands Firm on Its $9 Billion Offer to Acquire Oncor
DES MOINES, Iowa–(BUSINESS WIRE)–Today, Greg Abel, Berkshire Hathaway Energy chairman and CEO, and Warren
Buffett, chairman and CEO of Berkshire Hathaway Inc., stated the company
will stand firm on its $9 billion offer to acquire 80% of Oncor Electric
Delivery Company LLC (Oncor) and will not be increasing its offer.
“We appreciate the continued opportunity to collaborate with many
stakeholder groups in Texas and thank them for their outstanding
support, which sets our offer apart from any other bid,” Abel said.
“We’re committed to being an exceptional long-term partner in Texas and
our simple, straightforward deal is good for Oncor, its customers and
the state.”
Berkshire Hathaway Energy’s bid for Oncor includes 47 regulatory
commitments that have the support of 12 key stakeholder groups across
Texas. “The strong coalition of stakeholders consistently express the
appropriate concerns and necessary protections for Oncor and its
customers,” said Abel. “We stand ready to deliver on and exceed the
regulatory commitments.”
“Oncor is a strong company with values, management and employees that
will fit well with Berkshire Hathaway,” said Buffett. “We already have a
number of excellent companies operating in Texas. It is a great place to
do business, and we look forward to continuing to invest in the state.”
Berkshire Hathaway Energy
Berkshire Hathaway Energy owns a portfolio of locally managed businesses
that share a vision for a secure energy future, make sustainable
investments to achieve that vision and had $85 billion of assets as of
Dec. 31, 2016. These businesses deliver affordable, safe and reliable
service each day to more than 11.6 million electric and gas customers
and end-users around the world and consistently rank high among energy
companies in customer satisfaction. Berkshire Hathaway Energy is
headquartered in Des Moines, Iowa, U.S.A. Additional company information
is available at www.berkshirehathawayenergyco.com.
Forward-Looking Statements
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exclusively relate to historical facts. These statements are
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and other operating uncertainties, uncertainties relating to economic,
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The foregoing factors that could cause Berkshire Hathaway Energy
Company’s actual results to differ materially from those contemplated in
the forward-looking statements included in this news release should not
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information regarding risks and uncertainties that may affect Berkshire
Hathaway Energy Company’s future results included in Berkshire Hathaway
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which are available at the Securities and Exchange Commission’s website (www.sec.gov).
Berkshire Hathaway Energy Company undertakes no obligation to publicly
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Contacts
Berkshire Hathaway Energy
Julie White, 515-242-3022
Vice
President, Corporate Communications
[email protected]