Shares in China’s troubled Pv manufacturer Suntech rallied yesterday following unconfirmed reports that US investor Warren Buffet is considering buying the company.
The company’s shares rose 28% after it was reported by a Hong Kong-based news service that Buffet’s MidAmerican Energy Holdings was contemplating an acquisition of the company, although this still leaves Suntech shares trading at less than half a cent.
The report cited an unidentified source. PV-Tech was unable to reach the company for any further comment.
Last month Suntech’s Wuxi subsidiary was forced into bankruptcy proceedings after Suntech defaulted on a US$541 million bond repayment.
Earlier this year the Buffett's MidAmerican Renewables snapped up SunPower’s 579MW Antelop Valley solar projects in California for a reported US$2-2.5 billion.