Warren Buffett refuses to raise billion-dollar bid on utility

Berkshire Hathaway has declared that the company will stick to its bid for a US utility despite credit maneuvers which could impact the deal.

Photo: /ritzau/AP/Nati Harnik

Executives at Berkshire Hathaway have refused to increase the bid on Texan utility Oncor. The company's CEO Warren Buffett and president of the energy division, Greg Abel, have declared that the company "will stand firm on its USD 9 billion offer" to take over 80 percent of the debt-plagued company, reveals a press release from Berkshire Hathaway. The offer was made in July and factoring in debt, values Oncor at USD 18.1 billion.

"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," said Qabel.

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