This just out from Constellation Energy, owner of Baltimore Gas and Electric. The key: "we have not identified any issues" in CEG's trading book, says MidAmerican Energy. CEG is trading for $22.50, $4 under the MidAmerican buyout price.

DES MOINES, Iowa & BALTIMORE--(BUSINESS WIRE)--Constellation Energy (NYSE: CEG - News) and MidAmerican Energy Holdings Company today announced that the merger between the two parties is proceeding as outlined in the merger agreement entered into on September 19, 2008.

"We continue to work very closely with MidAmerican to complete the due diligence process, file the merger application with the Maryland Public Service Commission and submit the proxy to the Securities and Exchange Commission,” said Mayo A. Shattuck, Chairman, President and Chief Executive Officer of Constellation Energy.

“We expect to complete our due diligence within the 14-day period, and based on information reviewed to date, we have not identified any issues,” said Greg Abel, President and Chief Executive Officer of MidAmerican Energy Holdings Company. “We have completed a significant amount of due diligence to date and are very comfortable with the state of affairs of Constellation. We are working expeditiously with Constellation to move the merger approval process forward.”