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Energy Future drops Oncor deal with Buffett in favour of $9.45 billion Sempra bid - sources

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Energy Future drops Oncor deal with Buffett in favour of $9.45 billion Sempra bid - sources

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(Reuters) – Bankrupt Texas utility Energy Future Holdings will abandon a deal to sell power transmission company Oncor to Warren Buffett’s Berkshire Hathaway Inc for $9 billion and will accept a $9.45 billion bid for Oncor by Sempra Energy instead, a person familiar with the matter said. Energy Future’s board decided to make the switch on Sunday after Sempra also offered assurances it could get its acquisition of Oncor approved by Public Utility Commission of Texas, as well as a U.S. bankruptcy judge, the sources said. Berkshire offered to allow Energy Future to keep an Oncor dividend, but that proposal was not enough to bridge the gap in price, the sources added. The sources asked not to be identified because the decision has not yet been officially announced. Sempra, Oncor and Berkshire did not immediately respond to requests for comment.

(Reporting by Greg Roumeliotis in New York; Editing by Sandra Maler)
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