Berkshire Hathaway is not buying PG&E, Warren Buffett told CNBC's Becky Quick.
This knocks down a report earlier Wednesday that had caused shares of the troubled utility to surge. PG&E shares jumped more than 25% after Bloomberg News circulated a report from publication SparkSpread which apparently said the Buffett-led conglomerate was in talks to buy the utility.
Buffett, the chairman and CEO of Berkshire Hathaway, told CNBC that the report was "100% not true" and that he "would know" if Berkshire Hathaway was in talks to acquire the company. PG&E declined to comment for this story.
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PG&E, California's largest investor-owned utility, could face $30 billion in potential liabilities from wildfires in 2017 and 2018.
The company's share price plunged late last year as the deadliest fire in the state's history — thought by many to be a product of PG&E equipment — ravaged the area surrounding Paradise, California. The stock sank again in January after the company announced plans to pursue Chapter 11 bankruptcy in January.
This is a developing story. Check back for updates.
from Top News & Analysis https://cnb.cx/2XBWFJG
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