The Buffett Suntech hoax?

Speculation of Warren Buffett’s MidAmerican Energy buying into bankrupt solar group Suntech has sent the latter’s share price soaring 50 per cent. But it’s likely to prove no more than a late April Fool’s joke.

Warren Buffett has the power to move stocks. He has the power to make the unattractive look attractive. The power to force a double-take on a company (or even economy) that everyone else has written off. But the power to turnaround a bankrupt company with hundreds of millions in debt and next-to-no near-term profit potential?

Surely not.

A rumour swept the globe on Monday night, Australian time, that the investing maestro would back a takeover of the troubled Suntech Power through a subsidiary of his iconic Berkshire Hathaway company.

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