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New York investment firm unloads Constellation shares

Constellation Energy Group Inc.’s largest shareholder has dropped almost all of its holdings in the energy company, according to a filing Tuesday with the Securities and Exchange Commission.

New York-based investment firm AllianceBernstein LP said in a change of stock ownership filing that as of April 30 it owned 1.2 million shares of Constellation, which amounts to 0.6 percent of outstanding shares.

On March 18, the firm was the single largest owner of Constellation stock, with 15.4 million shares, or about 7.7 percent of the outstanding stock.

The company did not give a reason for the drop in ownership. Constellation announced a few days before AllianceBernstein dropped its holdings that it had agreed to a $7.9 billion all-stock deal to be acquired by Chicago-based Exelon Corp.

Under the terms of the deal, Constellation shareholders would get 0.93 shares of Exelon for each share of Constellation. Based on Tuesday’s closing price of Exelon’s shares, Constellation stockholders would receive shares valued at $39.12.

Shares of Constellation gained $1.03, or nearly 2.9 percent, Tuesday to close at $36.74.