MidAmerican won't raise Constellation bid-Bloomberg

NEW YORK Dec 4 (Reuters) - MidAmerican Energy does not plan to raise its bid for Constellation Energy Group Inc (CEG.N) after Electricite de France SA (EDF.PA) submitted a competing bid for some of the power company's assets, MidAmerican's chairman told Bloomberg.

"We believe the merger agreement is in the best interest of stakeholders," MidAmerican Chairman David Sokol said, according to Bloomberg. "We have a signed merger agreement. We have no intention to alter our bid."

MidAmerican, a unit of Warren Buffett's Berkshire Hathaway Inc (BRKa.N)(BRKb.N), agreed in September to pay $4.7 billion, or $26.50 a share, for Constellation, which was on the brink of bankruptcy.

But earlier this week, French power company EDF unveiled a plan to pay $4.5 billion for 50 percent of Constellation's nuclear assets and give the U.S. company the option to sell it up to $2 billion more of nonnuclear assets.

If Constellation backed out of the MidAmerican deal, it would have to issue about 20 million common shares to the company, or about 9.9 percent of its outstanding stock, and pay it about $593 million in cash.

Constellation would also have to issue $1 billion in 14 percent senior notes to MidAmerican, due to be repaid in December 2009. (Reporting by Michael Erman; Editing by Andre Grenon)