Buffett diagnosed with stage I prostate cancer

In a letter to his shareholders, the Berkshire Hathaway chief said he has been diagnosed with "Stage I prostate cancer" on Wednesday and will begin a two-month treatment of daily radiation in July.

"The good news is that I have been told by my doctors that my condition is not remotely life-threatening or even debilitating in any meaningful way," the 81-year-old investor and philanthropist, said.

Buffett said he has had several medical tests, including a CAT scan, bone scan and an MRI. The tests have shown no incidence of cancer elsewhere in his body. The radiation treatment, which will begin in mid-July, would restrict his travel during that period, but will not change his daily routine.

"I feel great as if I were in my normal excellent health and my energy level is 100 per cent," he said. The cancer was detected after a medical condition prompted a biopsy, he added in the letter.

Buffett said he will inform his shareholders immediately should his health situation change, adding, "Eventually, of course, it will; but I believe that day is a long way off." He had, for the first time, in February said in his annual letter to Berkshire shareholders that he had chosen a successor.

Buffett, however, had not named the candidate. Indian-origin Ajit Jain, head of the company`s reinsurance operations, is said to be one of the leading candidates to succeed him. Berkshire shares rose 1.4 per cent on Monday but were down 1.8 per cent in post-market trading.