Warren Buffett shoots down report that Berkshire Hathaway will acquire embattled California utility PG&E (PCG)

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FILE - In this Nov. 9, 2018 file photo, firefighter Jose Corona sprays water as flames from the Camp Fire consume a home in Magalia, Calif. The massively expensive wildfires in 2017-2018 have prompted the creation of a five-member board, that met Wednesday April 3, 2019, to continue to consider who should pay for the increasingly destructive and costly wildfires. (AP Photo/Noah Berger, File)Associated Press

  • Warren Buffett denied a report that Berkshire Hathaway is in talks to acquire the California utility PG&E, according to CNBC.
  • PG&E soared as much as 25% in pre-market trading Wednesday after SparkSpread reported that Berkshire Hathaway was in talks to the embattled California utility.
  • PG&E filed for Chapter 11 bankruptcy in January given its liabilities related to California wildfires. 
  • Watch PG&E trade live.

Warren Buffett has denied that Berkshire Hathaway is in talks to acquire the embattled California utility PG&E, according to CNBC. 

PG&E shares soared by as much as 25% early Wednesday after SparkSpread reported that the Warren-Buffett led company was holding talks to acquire the utility. 

PG&E filed for Chapter 11 bankruptcy in January as a result of its liabilities tied to California wildfires.

This story is developing. Check back for updates.

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Source: Business Insider – areddy@businessinsider.com (Arjun Reddy)

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