Sempra Energy will buy the company Warren Buffett sought, Oncor, for $9.5 billion in cash. Fred Katayama reports.
Warren Buffett wanted it, but Sempra will wind up getting it. The California-based natural gas and energy distributor will buy Oncor for nearly $9.5 billion. The billionaire investor's Berkshire Hathaway had agreed to buy the Texan energy provider in July for $9 billion. But the Texas retail electric company that indirectly owns Oncor, Energy Future Holdings, opposed the sale, saying it undervalues Oncor. Berkshire avoids bidding wars for companies. Sempra expects to complete the deal in the first half of next year. Its shares rose Monday, adding on to their 17 percent gain this year. Berkshire Hathaway shares rose a fraction.