Billionaire Warren Buffett and his Berkshire Hathaway Energy Co. want a fast-track approval of their proposed $9 billion takeover of Oncor Electric Delivery Co. in Texas.
Berkshire needs approval from the Public Utility Commission in Texas and plans to ask the agency to make a decision in the next 60 to 90 days.
The energy company is a subsidiary of Buffett’s Berkshire Hathaway Inc. and last week signed the cash deal to gain control of Oncor. However, Elliott Management Corp. is reported to be building an offer too to acquire Oncor.
The Texas PUC usually takes about 180 days for a regulatory review. But attorney Chad Husnick with Energy Future Holdings Corp., the bankrupt parent of Oncor says Berkshire wants a much faster study of the buyout.