Warren Buffett knocks down rumors that he’s buying PG&E

Warren Buffett has debunked a report that said his conglomerate was in talks to buy the embattled California utility company PG&E.

Continue Reading Below

On Wednesday, Buffett told CNBC’s Becky Quick that the rumor is “100% not true” and that he “would know” if there were any truth to report.

The comments follow an earlier report on Wednesday that was circulated by Bloomberg from a publication called SparkSpread that said Buffett’s Berkshire Hathaway was in talks to acquire the company. News of the potential acquisition boosted PG&E shares early Wednesday.

TickerSecurityLastChangeChange %
PCGPG & E CORP.7.99+0.23+2.96%

The rumors come as a federal judge approved the bankrupt utility company's plans to pay $235 million in employee bonuses this year despite facing more than $30 billion in potential liabilities stemming from massive wildfires in 2017 and 2018.

PG&E's share price have suffered extensively over the last 12 months, plunging last last year as the deadliest wildfire in California's history destroyed several areas throughout the state, and once more when the company filed for bankruptcy in January after being linked to the cause of the wildfire.

A PG&E spokesperson did not immediately respond to FOX Business' request for a comment.