This just out: Directors at Constellation Energy Group, parent of BGE, have approved talks with EDF, which is trying to break up Warren Buffett's deal to buy Constellation for $26.50 per share. Buffett's people have said they won't increase their offer to compete better with EDF. We'll see. EDF has offered to invest $4.5 billion for half of CEG's nuclear generation business. Buffett is offering $4.7 billion for the whole company.

BALTIMORE, Dec 08, 2008 (BUSINESS WIRE) -- Constellation Energy (NYSE: CEG) today announced that its Board of Directors has authorized the company to begin immediate discussions and exchange of information with Électricité de France (EDF) related to EDF's unsolicited proposal, which was received on Dec. 2, 2008.

Constellation Energy said the decision to begin discussions with EDF was made following consultation with its legal and financial advisors, and in a manner consistent with its fiduciary responsibilities to shareholders, as well as its responsibilities under its definitive merger agreement with MidAmerican Energy Holdings Company.

Constellation Energy's Board of Directors has not withdrawn, modified or qualified its recommendation that shareholders of Constellation Energy vote in favor of the merger with MidAmerican. The special meeting of shareholders to vote on the merger with MidAmerican remains scheduled for 8 a.m. on Dec. 23, 2008.