Warren Buffett gets competition for Oncor
AP Photo/Nati Harnik, File
Hedge fund Elliott Management said it is putting together a superior offer to Berkshire Hathaway Energy's $18 billion bid for the bankrupt parent company of electric grid giant Oncor, of which Elliott is the largest creditor.
- Why it matters: Oncor is the largest electric utility in Texas, and one of the country's largest power transmission companies. Plus, the spectacle of Paul Singer vs. Warren Buffett (getcha popcorn ready).
- Bottom line: "The offer... would be a rare challenge to Buffett, who avoids auctions for companies and has told his investors he does not like to participate in bidding wars. But even without a competing bid, Buffett's deal faces a difficult road securing the approval of a bankruptcy court judge without Elliott supporting it." – Jessica DiNapoli, Reuters