the republic logo

Warren Buffett's Berkshire Hathaway reduces its stake in Tesco to under 3 percent


LONDON — Warren Buffett's Berkshire Hathaway has reduced its stake in British retailer Tesco to under 3 percent, offering a fresh slap to the struggling company.

Buffett's move, revealed in a regulatory filing Thursday, was not unexpected. He told CNBC this month that his investment in the supermarket giant was "a huge mistake by me."

Buffett's stake is down from 3.2 percent earlier this week and 5.1 percent last year.

The sale comes as Tesco investigates why half-year profit was overstated by 250 million pounds ($407 million). Eight executives have been swept up into the probe.

Tesco, one of the world's largest retailers, has issued a series of profit warnings, and its stock price has fallen by about 50 percent in the past year as it struggles to compete with low-cost rivals.

Think your friends should see this? Share it with them!

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to and it will be forwarded to the appropriate editor or reporter.

We also have more stories about:
(click the phrases to see a list)




Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.