Warren Buffett’s Berkshire Hathaway Energy Stands Firm on Its $9 Billion Offer to Acquire Oncor
“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
This news release contains statements that do not directly or exclusively relate to historical facts. These statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by the use of forward-looking words, such as “will,” “may,” “could,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “continue,” “intend,” “potential,” “plan,” “forecast” and similar terms. These statements are based upon Berkshire Hathaway Energy Company’s current intentions, assumptions, expectations and beliefs and are subject to risks, uncertainties and other important factors. Many of these factors are outside the control of Berkshire Hathaway Energy Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expectations include the impact of natural disasters and weather effects on revenues and other operating uncertainties, uncertainties relating to economic, political and business conditions and uncertainties regarding the impact of laws and regulations, including laws and regulations related to environmental protection, changes in government policy and competition. 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 be construed as exclusive and should be considered in connection with information regarding risks and uncertainties that may affect Berkshire Hathaway Energy Company’s future results included in Berkshire Hathaway Energy Company’s filings with the Securities and Exchange Commission, which are available at the Securities and Exchange Commission’s website (www.sec.gov). Berkshire Hathaway Energy Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
ContactsBerkshire Hathaway Energy
Julie White, 515-242-3022
Vice President, Corporate Communications
mediahotline@berkshirehathawayenergyco.com
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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
This news release contains statements that do not directly or
exclusively relate to historical facts. These statements are
“forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements can
typically be identified by the use of forward-looking words, such as
“will,” “may,” “could,” “project,” “believe,” “anticipate,” “expect,”
“estimate,” “continue,” “intend,” “potential,” “plan,” “forecast” and
similar terms. These statements are based upon Berkshire Hathaway Energy
Company’s current intentions, assumptions, expectations and beliefs and
are subject to risks, uncertainties and other important factors. Many of
these factors are outside the control of Berkshire Hathaway Energy
Company and could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. Factors that
could cause actual results to differ materially from those expectations
include the impact of natural disasters and weather effects on revenues
and other operating uncertainties, uncertainties relating to economic,
political and business conditions and uncertainties regarding the impact
of laws and regulations, including laws and regulations related to
environmental protection, changes in government policy and competition.
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
be construed as exclusive and should be considered in connection with
information regarding risks and uncertainties that may affect Berkshire
Hathaway Energy Company’s future results included in Berkshire Hathaway
Energy Company’s filings with the Securities and Exchange Commission,
which are available at the Securities and Exchange Commission’s website (www.sec.gov).
Berkshire Hathaway Energy Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Contacts
Berkshire Hathaway Energy
Julie White, 515-242-3022
Vice
President, Corporate Communications
mediahotline@berkshirehathawayenergyco.com
