(Bloomberg) -- David Tepper and Seth Klarman have increased their bets on bankrupt California utility giant PG&E Corp.
Tepper’s Appaloosa Management added about 16.6 million shares of San Francisco-based PG&E during the first quarter, raising its stake to 23.1 million shares, according to a filing Wednesday. Klarman’s Baupost Group picked up 9 million PG&E shares, bringing its stake to 24.5 million shares.
Meanwhile, Paul Singer’s Elliott Management bought call options on 7 million PG&E shares during the quarter, according to filings.
The firms disclosed their holdings on the same day California investigators said that equipment owned by PG&E caused the deadliest wildfire in state history.
To contact the reporters on this story: Brian Eckhouse in New York at firstname.lastname@example.org;Miles Weiss in Washington at email@example.com
To contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Joe Ryan
©2019 Bloomberg L.P.