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Iowa Clears Berkshire Swap

The move will give Warren Buffett's holding company a voting stake in line with its economic stake.
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Berkshire Hathaway

(BRK.A) - Get Berkshire Hathaway Inc. Report

said the Iowa Utilities Board cleared Berkshire's swap of convertible preferred stock for common stock in its MidAmerican Energy unit.

The proposed transaction would not result in any change in the owners of MidAmerican Energy, Berkshire said. "It would, however, result in Berkshire Hathaway Inc. having a voting interest equal to its economic interest in MidAmerican Energy Holdings Company," Berkshire added.

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Berkshire said the conversion remains subject to clearance under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, and by the Illinois Commerce Commission, the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission. The company expects to close the swap in February 2006.

On Tuesday, Berkshire rose $1,100 to $84,100.