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Billionaire versus billionaire: Buffett's bid challenged

Warren Buffett's USD 18 billion bid for Oncor is not high enough, says the utility' largest creditor, who is raising the bar with a counter-bid.

Photo: /ritzau/AP/John Minchillo

Last week it emerged that US billionaire Warren Buffett's company, Berkshire Hathaway, had placed a bid of USD 18 billion for Texan energy company Oncor. However, this bid is not high enough, says the largest creditor in Oncur's crisis-struck parent company Energy Future Holdings, billionaire Paul Singer, who will place a USD 18.5 billion counter bid.

This is according to an open letter from Singer's hedge fund Elliot Management to the board in Energy Future.

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