(MENAFN) Energy Future Holdings, the bankrupt Texas utility will give up a deal to sell power company Oncor to Warren Buffett's Berkshire Hathaway Inc for USD9bln and will accept a USD9.45bln bid for Oncor by Sempra Energy instead.
As this move considered a blow for Buffett, he had entered this bidding two months ago to buy Oncor after two previous attempts by Energy Future to sell it.
Also it is a defeat for chief executive of Berkshire's energy unit who is considered a top candidate to succeed Buffett, 86, at the Omaha, Nebraska-based parent company's helm.
Moreover, Berkshire issued a statement to say it will not raise its offer for Oncor, in response to Sempra's bid, as the first offered to allow Energy Future to keep an Oncor dividend but it was not enough to bridge the gap.
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