Governor Newsom Critical of PG&E and Feeling Pressure, Calls on Warren Buffet to Take Over

Published On: October 26, 2019

Under increasing pressure, Governor Newsom suggested Saturday that Warren Buffett’s Berkshire Hathaway should make a takeover bid for PG&E, stating that if Berkshire is interested in buying the utility, now is the time to make an offer.

“We would love to see that interest materialize, and in a more proactive, public effort,” Newsom said in a statement to the press. “That would be encouraging to see. They are one of the few that are in a position to make a significant run at this.”

Berkshire has been raised as a possible suitor since PG&E’s collapse but, as previously reported, the most vocal and active group seeking to take control of the utility continues to be the group of creditors led by Pacific Investment Management Company and Elliott Management Corporation.

Newsom said Saturday that he’d like to see more than just hedge funds vying for the company and has been talking to mayors of cities including San Francisco, San Jose and Oakland about possible bids.

 

About the Author: Jesus Arredondo

Jesus Arredondo is an Energy Industry Analyst and former State of California official. He can be reached at jesus at govreport.org