Warren Buffett says he is not looking to buy General Electric

Warren Buffett is not looking to buy all or part of General Electric, the investment magnate told CNBC on Friday.

Becky Quick.

Unsubstantiated reports in March that some big investors were beginning to analyze buying all or part of GE sent the company’s shares higher. Some speculated that Buffett was looking to invest, with RBC Capital Markets theorizing that GE’s downtrodden state makes it ripe for the oracle of Omaha to invest.

While Buffett denied the rumors, he did say he wants “the company to do well” and complimented GE’s chief executive.

“I admire John Flannery and what he’s doing. He’s got a very tough job and he’s doing it very logically,” Buffett said. “It’s a terrific American company from way, way, way back.”

GE reported upbeat earnings in its first-quarter report last month and reaffirmed its financial outlook for the year. The company’s GE Capital and power businesses continue to drag on its performance but overall the report offered relief for GE after a tumultuous 12 months.

Shares of GE were unchanged in premarket trading Friday.

Buffett was speaking to CNBC ahead of Berkshire Hathaway’s annual meeting this weekend.

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source : www.cnbc.com