Blog: Buffett ups stake in Tesco
Dean Best | 19 January 2012
A week after Tesco shocked the market and sent its shares tumbling with a profit warning, it has emerged that the US billionaire investor Warren Buffett has quietly increased his stake in the retailer.
In a statement to the London Stock Exchange today (19 January), Tesco said Buffett's investment vehicle Berkshire Hathaway had acquired more of the UK retailer's shares. Berkshire's stake is now 5.08%, up from 3.21%, Tesco said.
The date of the share purchase was 13 January, the day after Tesco warned its profits would not grow as fast as expected in its current financial year and in the next 12 months amid continued problems with its UK business. The retailer's shares fell 16%.
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