Buffett cuts Tesco stake to below 3%

Buffett cuts Tesco stake to below 3%

2014-10-16 13:15

London - Warren Buffett, the billionaire chairperson and chief executive of conglomerate Berkshire Hathaway, has cut his vehicle's stake in troubled British grocer Tesco to below 3%, according to a stock market notification.

The filing, published on Thursday, said that on October 13 Berkshire reduced its Tesco holding to "less than 3%".

Earlier this month Buffett said Berkshire's investment in Tesco was a "huge mistake."

Berkshire had a roughly 3.96% stake in Tesco's shares, according to an early May regulatory filing.

Tesco is reeling from an accountancy scandal and a downturn in trading. Its shares have fallen 48% so far this year.