The Buffett Way: $1B In 3 Months
Double your money in three months with little effort!
An ad for a get-rich quick scheme? No, more like a description of Warren Buffett's latest financial coup.
In September, the Buffett-owned MidAmerican Energy Holdings agreed buy Constellation Energy and invest $1 billion to keep the Baltimore power producer from collapsing at the hands of brutal markets. Wednesday, Constellation jilted that $26.50-a-share takeover offer to accept a $4.5 billion bid from French power company Electricite de France for 50% of Constellation's nuclear-generation assets.
EdF's win may not be the best outcome for Buffett as a buyer, but for Buffett-as-investor it is none too shabby a return. In only three months, Buffett has more than doubled his money. While Mid-American put only $1 billion into Constellation in September, it will get back $2.1 billion now.
Here is how it breaks down. According to the September deal, MidAmerican will get a significant going-away present. It will receive $600 million in cash and retain a 9.9% Constellation stake valued at $530 million. In addition, Constellation will give MidAmerican a $1 billion note earning 14% a year that matures at the end of 2009.
A generous walking-away package, but one that Constellation can afford thanks to the EdF deal's terms. The French company is providing a $1 billion cash infusion now and paying another $3.5 billion when the deal closes. Constellation also has an option to sell as much as $2 billion of nonnuclear power plants to EdF.
Meantime, Constellation also has an option to sell as much as $350 million of assets to MidAmerican.
It seems the Oracle of Omaha wins even when he loses.
三个月翻一番，赚钱轻而易举！
快速致富计划的广告？不是，倒更像是在说沃伦•巴菲特(Warren Buffett)最近的一笔投资。
9月份，巴菲特旗下的中美能源控股公司(MidAmerican Energy Holdings, 简称：中美能源)同意收购巴尔的摩的发电企业美国联合能源公司(Constellation Energy, 简称：联合能源)，并投资10亿美元帮助该公司避免在恶劣的市场环境中垮台。周三联合能源放弃中美能源每股26.50美元的收购提议，转而接受了法国电力(Electricite de France)以45亿美元收购公司50%核电资产的提议。
法国电力胜出对作为竞购方的巴菲特可能不是最好的结果，但对作为投资人的巴菲特而言，由此带来的回报可谓丰厚。中美能源9月份仅向联合能源投入10亿美元，现在可以收回21亿美元。
来看一下这21亿美元的构成：根据9月份的交易条款，中美能源将获得高额退出补偿，包括6亿美元现金和联合能源9.9%的股份(价值5.3亿美元)；此外，联合能源还将向中美能源支付年收益率为14%、2009年底到期的10亿美元票据。
联合能源能够支付如此慷慨的补偿也多亏了法国电力给出的收购条件。法国电力将立即向联合能源注入10亿美元现金，并在交易完成时再支付35亿美元；联合能源还拥有向法国电力出售20亿美元非核电厂的选择权。
此外，联合能源也具有向中美能源出售3.5亿美元资产的选择权。
看来被称做"奥马哈先知"(Oracle of Omaha)的巴菲特就连输掉交易的时候也能赚钱。
关键字:财经新闻
生词表:
Double your money in three months with little effort!
An ad for a get-rich quick scheme? No, more like a description of Warren Buffett's latest financial coup.
In September, the Buffett-owned MidAmerican Energy Holdings agreed buy Constellation Energy and invest $1 billion to keep the Baltimore power producer from collapsing at the hands of brutal markets. Wednesday, Constellation jilted that $26.50-a-share takeover offer to accept a $4.5 billion bid from French power company Electricite de France for 50% of Constellation's nuclear-generation assets.
EdF's win may not be the best outcome for Buffett as a buyer, but for Buffett-as-investor it is none too shabby a return. In only three months, Buffett has more than doubled his money. While Mid-American put only $1 billion into Constellation in September, it will get back $2.1 billion now.
Here is how it breaks down. According to the September deal, MidAmerican will get a significant going-away present. It will receive $600 million in cash and retain a 9.9% Constellation stake valued at $530 million. In addition, Constellation will give MidAmerican a $1 billion note earning 14% a year that matures at the end of 2009.
A generous walking-away package, but one that Constellation can afford thanks to the EdF deal's terms. The French company is providing a $1 billion cash infusion now and paying another $3.5 billion when the deal closes. Constellation also has an option to sell as much as $2 billion of nonnuclear power plants to EdF.
Meantime, Constellation also has an option to sell as much as $350 million of assets to MidAmerican.
It seems the Oracle of Omaha wins even when he loses.
三个月翻一番，赚钱轻而易举！
快速致富计划的广告？不是，倒更像是在说沃伦•巴菲特(Warren Buffett)最近的一笔投资。
9月份，巴菲特旗下的中美能源控股公司(MidAmerican Energy Holdings, 简称：中美能源)同意收购巴尔的摩的发电企业美国联合能源公司(Constellation Energy, 简称：联合能源)，并投资10亿美元帮助该公司避免在恶劣的市场环境中垮台。周三联合能源放弃中美能源每股26.50美元的收购提议，转而接受了法国电力(Electricite de France)以45亿美元收购公司50%核电资产的提议。
法国电力胜出对作为竞购方的巴菲特可能不是最好的结果，但对作为投资人的巴菲特而言，由此带来的回报可谓丰厚。中美能源9月份仅向联合能源投入10亿美元，现在可以收回21亿美元。
来看一下这21亿美元的构成：根据9月份的交易条款，中美能源将获得高额退出补偿，包括6亿美元现金和联合能源9.9%的股份(价值5.3亿美元)；此外，联合能源还将向中美能源支付年收益率为14%、2009年底到期的10亿美元票据。
联合能源能够支付如此慷慨的补偿也多亏了法国电力给出的收购条件。法国电力将立即向联合能源注入10亿美元现金，并在交易完成时再支付35亿美元；联合能源还拥有向法国电力出售20亿美元非核电厂的选择权。
此外，联合能源也具有向中美能源出售3.5亿美元资产的选择权。
看来被称做"奥马哈先知"(Oracle of Omaha)的巴菲特就连输掉交易的时候也能赚钱。
关键字:财经新闻
生词表:
- warren [´wɔrən]
n.养兔场；大杂院 四级词汇 - constellation [,kɔnstə´leiʃən] n.星座；灿烂的一群 四级词汇
- brutal [´bru:tl] a.兽性的；残暴的 四级词汇
- outcome [´autkʌm] n.结果；后果；成果 四级词汇
文章标签:巴菲特
京公网安备 11011202003401号
