By Alexander Bueso
Date: Wednesday 24 Apr 2019
LONDON (ShareCast) - (Sharecast News) - Berkshire Hathaway has denied reports that it is plotting a takeover of troubled California utility PG&E, which would have marked its return to the M&A trail after a nearly four-year lull.
The report that talks were underway, which was attributed on social media to Sparkspread, light a fuse under PG&E stock, triggering a 25% spike in its share price, although by 1312 BST and after CNBC reported that Berkshire chairman, Warren Buffett, had issued a denial those gains had subsided, giving way to a more pedestrian advance of 3.30% to $22.24.
In his annual letter to shareholders, in late February, billionaire investor and Berkshire chairman, Warren Buffet, had complained of "sky-high prices for businesses with decent long-term prospects" even as he pined away for an elephant-sized transaction.
"Even at our ages of 88 and 95 - I'm the young one - that prospect is what causes my heart and Charlie's to beat faster," Buffett wrote.
As of 23 February, Buffett's investment vehicle was sitting on $112bn of liquidity that was parked in Treasury bills or held in the form of other cash equivalents, together with a further $20bn in miscellaneous fixed-income instruments which it employed a permanent buffer to guard against " external calamities".
Email this article to a friend
or share it with one of these popular networks:
Currency | US Dollars |
Share Price | $ 405.54 |
Change Today | $ -0.38 |
% Change | -0.09 % |
52 Week High | $420.52 |
52 Week Low | $331.71 |
Volume | 2,772,449 |
Shares Issued | 2,173.32m |
Market Cap | $881,368m |
RiskGrade | 75 |
Strong Buy | 1 |
Buy | 0 |
Neutral | 1 |
Sell | 0 |
Strong Sell | 0 |
Total | 2 |
Time | Volume / Share Price |
16:00 | 455,037 @ $405.54 |
15:59 | 100 @ $405.51 |
15:59 | 109 @ $405.48 |
15:59 | 100 @ $405.49 |
15:59 | 100 @ $405.49 |
You are here: research