tracee: a unit of warren buffet said it would acquire oncore. according to a reuters's report yesterday, it agree today buy dallas based bankrupt parent for 9 billion in cash. now, this is a bold move by buffet who is trying to win approval from texas regulators after they blocked two earlier attempts to sale oncore. a deal they said it's not in the public interest. chief executive shepherd said in statement to reuters by joining force, whether he gain access to additional operation, operational and financial resources as we continue to position oncore to support the evolving energy needs to our state. in 2013 buffet lost $873 on 2 million bond investment, so for him this deal marks a return to investment gone bad. lauren: what does this mean for warren buffet and berkshire? >> one of the largest acquisitions. as far as oncore, 10 million customers, 73 million income, quarter ending, berkshire hathaway energy, they have six big utility companies and they add to that. cheryl: tracee, thank you very much. we also have the story following for you,

but oncore, what are your growth prospects? you've got superior growth profile. >> we do we're going to invest $1.5 billion in cap x at a minute the beauty is, we're not doing that to drive customer yield up, but down so we have a good growth profile that drives costs down >> you mentioned the administration, that deregulation could help you. what does that mean? i tell people that maybe that's the most important thing that's happening under president trump, is he favors deregulation. that's a different environment entirely from the previous president. >> it is the deregulation we put in place years ago in texas we have deregulated theal if --. >> that's good for the rate payer. you're telling me the customer does better in texas because of this >> they have absolutely done better >> it seems like the public utility commission -- if elliott's bid comes in and wants to help the senior creditors and the junior creditors, unless they commit, which i think they will, making it so the customer doesn't get hurt, it's not going to get

what is the problem with a buyout of oncor? ryan: regulators shut down that did because of the fact that the care refused to keep certain measures in place that protect the case of a in bankruptcy, which we saw in 2014. mean fort does it buffet, is he lobbying regulators, does he have a better chance of getting it through compared to next era? ryan: he has laid out 44 regulatory commitments that were published last week where he says he has promised to give those ring fencing measures in place and to keep the board of oncor independent. fascinating when you have this sort of matchup. ryan collins, we appreciate it. for more, we are joined by the man in the center of it, the oncor electric delivery ceo bob jeff her. thanks for coming in. how do you talk to elliott management? >> they are the largest creditor in the group, we know them well. we know them quite well. are they brought into the negotiations you are having with warren buffett? this is the third attempt to acquire us out of bankruptcy. involved, ining 2007, the compan

a billing war is brewing over utility giant oncor. here's what the ceo of the company told "mad money's" jim cramer moments ago about the potential deal. >> we know elliott well, they're great folk, our largest creditor. >> right. >> at this point, it's a conceptual -- we haven't seen any specifics. they're fine people. all i know is what's in front of us is buffett so the berkshire hathaway deal would be great for this company i don't know enough about elliott yet. >> you'll catch the full interview with jim and the oncor ceo robert shapard on "mad money" right after us 6:00 p.m. eastern time. >>> shifting gears from hard ball to baseball, the mlb all-star game is tonight or tomorrow night, so in honor of america -- i was thinking the home run derby in honor of america's favorite pastime and our favorite segment we're doing a special all-star edition of the fast pitch. each day this week one trader will pitch a stock they think is worthy of a buy and the traders on the desk will vote on whether they're buying or selling that pitch. g

. >>> in corporate news, berkshire hathaway saying they will purchase oncor electric. the deal is valued at 11.3 billion. the unit of warren buffett's berkshire hathaway has agreed to it texas regulators blocked two earlier attempts to sell oncor to two other utility companies. >>> the argument here is that berkshire will be able to get this deal done because they don't pay a dividend >> yeah. >> according to the speculator on texas regulators. >> sharing some of those cost savings with the utility customers. >>> stocks to watch, siemens setting up a task force to investigate reports that its turbines had been delivered to crimea for use in russian-built power plants reuters reporting three separate sources had knowledge of the delivery shares of siemens are down about a quarter percent. >>> tesla is building the world's largest lithium-ion battery in southern australia, this is part of a bid to solve an energy crisis that led to ongoing blackouts across the region tesla stock slipping yesterday with the market value falling behind general motors and ford shares are up

according to reuters, a rival bid is being explored for encore -- oncor. initially, berkshire hathaway -- oncor, butore now elliott management is putting together a rival bid to counter that of berkshire hathaway's. let's get back to today's top story. the g 20 summit and president donald trump meeting with russian president vladimir putin. joining is now johnny grubb ponte, former u.s. ambassador to ,he united -- john negroponte the former u.s. ambassador to the united nations. he joins us now from washington. thank you so much for joining us on the show. i wanted to ask you whether you think the meeting between the two presidents of russia and the united states was successful? >> first of all, the fact that it took lace was important. secondly, they seemed to have touched many of the relative topics -- relevant topics. let's not forget that with a two and a half he or -- two and a half hour meeting, you have to divide that by two because of interpretations. so they met for about an hour, which is not much time to cover the large agenda which should exist

the deal puts oncor's equity value at 11$11.3 billion. berkshire hathaway has agreed to buy reorganized future energy holdings corp for 9 billion in cash, oncor's parent i don't know if this deal will go through >> it's the dollar figure we're still trying to figure out 9 billion, is it 17.5 billion -- >> it was a bankrupt -- >> we said 11.9. was that -- >> we just said 9 -- >> he paid 9 but made the value 11.9 >> is this energy guy taking over for buffett >> that's my questions greg abel is who i would -- >> can't you call and ask? >> they won't say. >> ask warren? >> no. >> have you asked him? >> y i askes, i asked him off c on camera. >> have you asked him today? >> you're supposedly here because of the jobs report >> i don't know why i'm here >> you did the longread which didn't want to do which is torturous for myself and viewers. the same as when i do it >> at least you make fun of your inability. >> other people are choosing the three dig stobig stories and wr it i don't want to own it a lot of times. >> you would rather ad lib it

berkshire offered $9 billion cash for oncor. however, elliott is pushing for more time to put a deal in place. they will be back in court later this month. braziliane former president lula da silva has been sentenced to nine and a half years in jail for grafton money laundering. carwashs a sweeping corruption investigation. let's get to our economy and government editor who joins us live from brazil. it great to have you. a mentioned how big of setback of this is for that 2018 run. tell us the latest. what does it mean for him? >> this is bad news for his chances of reelection in 2018. if this sentence is upheld on appeal, he will be ineligible to run. at the moment he has a chance. but it is looking increasingly slim. he had a solid core of support. many protesters out on the street. they were demonstrating against the decision. for many brazilians, who might be more on the fence, this conviction is the last nail in -- nail infor lula's the coffin for lula's credibility. betty: what does this mean for brazil? >> it offers a sho

berkshire hathaway is buying oncor. it will make it one of his largest businesses. >>> "the seattle times" reports that most started laying off thousands of employees. most of the cuts will come from the sales force. a majority of the jobs will come from outside the u.s. it's simplifying its team to focus on its cloud computing products. >>> and "the new york times" says a genetic mutation may have helped mankind survive the last ice age. it wasn't all good. it reduced average height by a senty meter and raised the risk of arthritis by 80%, but it did avo avoid issues. >>> wine is for everyone. antonio galloni is known for covering regions worldwide. he started a website for wine lovers. vin us has readers interest more than 90 countries. galloni's app selectable helps people learn about wine. it's offering a premium subscription today and for $5.99 a month it lets users access 5 thousand users' reviews. it has a delectable kiosk in 365 by whole foods stores. they'll expand to more whole foods stores later this year. an

the middle of a bidding war, it seems, between berkshire and paul singer's hedge fund here is what he oncor ceo told jim cramer on "mad money." >> the berkshire hathaway deal would be great for this company. i just don't know enough about elliott yet. >> we know a good deal about elliott to a certain extent. they may have a significant enough position to have a voice if not a significant one in the approval of the plan that would be needed to take this thing and sell it to berkshire. >> yes, and the bankruptcy court judge, i think, will listen to them $9.3 billion for them. obviously mr. stafford is saying it's not about us. the junior debt that elliott has bought could be worth a substantial amount is it, apparently, worth all that much? do you think this is just a gambit to be able to make it so that debt is paid off more or do they want it >> very opportunistic fellows at elliott. what i do wonder is mr. buffett is not one to be toyed with. typically, this is my number take it or leave it. bankruptcy court judge, i believe, does have the obligation to get as much as possible to return to

bidding war could be looming between berkshire hathaway and elliot management over energy company, oncor "mad money's" jim cramer spoke to that company's ceo about that battle take a listen. >> we know elliot well, they're great folks, the largest credit tor. >> right. >> at this point, it's conce conceptu conceptual what's in front of us is buffett. the berkshire hathaway deal would be great for this company. i don't know enough about elliott yet. >> catch jim's full interview with that ceo tonight on "mad money" beginning at 6:00 p.m michael, this one, i love this i love everything about this >> it's a great setup. first of all, i think they're great people they're our largest creditor is kind of something that goes along together, you take it with a grain of salt. also a test of that kind of buffett discount so to speak, he's the privileged buyer. everyone wants to sell to him. >> i'm not surprised, if buffett is on one side, you're on other, you don't want to be. >> do you want to be the one paying much more >> history of the company, the bankruptcy wooe we're out of time please, eve

got on "mad money" tonight >> david, you know, i like this whole mna beef, i have bob shapard from oncor and bill doyle from novocure, which has a device i think is revolutionary. great to be working with you people think perhaps because i interrupt, i apologize, that we're brusque. we're not brusque. >> love is never having to say sorry. you know that. >> i urge everyone to follow my garden pictures if they like to garden >> man spends hours in the garden >> this is not a cheap suit. >> clears his head >> i like to weed. that does not mean i like marijuana. >> to weed >> before weed became universal and accepted, weed meant pulling out thistle. i'm still in the pull out thistle mode, all right? i'm like a peaceful gardener it's like gandhi in there when i'm gardening. >> see him on "mad money" later. >>> coming up on this show, shaun matthews, his take on the markets and fed ahead of yellen's testimony later this week we're facing 20 billion security events every day. ddos campaigns, ransomware, malware attacks... actually, we just handled all the priority threats. you did that? we did

texas utility commission would be happy with it or not they say they're going to continue to ring fence oncor, jim. they're not going to want board seats. they continue to mount, at least at this point, this alternative to mr. buffett's bid we know, he doesn't raise, he just walks away. >> right now, what's important, that people have to understood, because this is like one of the biggest utilities out there, is that that the ceo said, show me the money. if he gets mollus, that money is raised in a day, because that's how good this project is >> and mollus will be moving with all intent and speed to put together the necessary funds for that $9.3 billion bid. >> nice scoop. >> something else i wanted to hit as well in the world of m&a, which we all know, there's really not that much going on, one name that has certainly gotten a decent amount of speculation involved in it, although some of that may have come out is tesaro, a biotech inhibitors, a new line of cancer-fighting drugs. it has been for sale in fact, it was "the wall street journal" on may 31st that reported tesaro reporting a sale a