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Elliott Management lawyer says utility may top Buffett's Oncor bid
August 18, 2017 / 7:29 PM / a month ago

Elliott Management lawyer says utility may top Buffett's Oncor bid

Aug 18 (Reuters) - A lawyer for Elliott Management told a U.S. bankruptcy judge on Friday that an unidentified utility could pay $9.3 billion to buy Texas power transmission company Oncor, topping a $9 billion bid by Warren Buffett’s Berkshire Hathaway Inc.

Elliott, a hedge fund and largest creditor of Oncor’s bankrupt parent Energy Future Holdings Corp, has been seeking to block Oncor’s sale to Berkshire Hathaway and put together a consortium to buy the company.

A spokesman for Elliott declined to comment on the identity of the utility that the firm’s lawyer was referring to in a conference call with the judge ahead of court hearing on Monday. Energy Future could not be immediately reached for comment. (Reporting by Jessica DiNapoli in New York; Editing by Tom Brown)

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