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UK's Telegraph: Warren Buffett Is "Potential Buyer" of Northern Rock

Customers stand in a queue outside a branch  of the Northern Rock the British  mortage lender in Harrow, London Monday Sept. 17, 2007. Shares of British mortgage lender Northern Rock PLC, hit by a liquidity crisis which sent customers lining up to withdraw billions in deposits, tumbled more than 30 percent Monday. (AP Photo/ Max Nash)
Max Nash
Customers stand in a queue outside a branch of the Northern Rock the British mortage lender in Harrow, London Monday Sept. 17, 2007. Shares of British mortgage lender Northern Rock PLC, hit by a liquidity crisis which sent customers lining up to withdraw billions in deposits, tumbled more than 30 percent Monday. (AP Photo/ Max Nash)

Britain's Sunday Telegraph newspaper says today that Warren Buffett "has emerged as a potential buyer of Northern Rock," the U.K. bank that's been slammed by the global credit crunch.

Without further identifying its source or sources, the newspaper says it "has learned that Buffett ... has held talks with three of the bidders for the bank with a view to joining one of the consortia."

According to the report, JC Flowers, Cerberus and a new group including Olympus Partners and Five Mile Capital "are all understood to have discussed a deal with Buffett's advisers."

The Sunday Telegraph says "Buffett could sign up as a backer to one of the bidding teams within the next few days."

The story notes that JC Flowers and Richard Branson's Virgin Group are currently seen as having the best chances of making the successful bid.

Questions? Comments? Email me at buffettwatch@cnbc.com