The chairman of Berkshire Hathaway, Warren Buffett has indicated that he has no plans to purchase Suntech Power Holdings Co. This was reported by the China Business News after an interview conducted with him.
During the interview, Buffett said 'he has never had interest in acquiring the solar company.' Suntech is the Chinese solar company whose main unit is undergoing bankruptcy proceedings. The share values of the firm had increased by 27% after a news report from the Hong Kong Economic Times saying that MidAmerican Energy Holdings may purchase the company. MidAmerican is Buffet's energy brokerage firm.
The report stems from the sudden acquisition of photovoltaic projects in California totalling 579 megawatts at the price between Eur1.5 billion and Eur1.9 billion. Thus the presumption that Suntech was next because of the shopping spree conducted by MidAmerican.
Because of the latest remarks by Buffett, Suntech's share values dropped by 7.4% to US$0.6114 when last traded in May 3. This decline sets the lowest point of 60% from its original share values.
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