Berkshire Hathaway Raisess Tesco Stake to 5.1%
Jan. 20 (Bloomberg) -- Matthew Stych, a research director at Planet Retail, discusses the rise in U.K. retail sales for December. He speaks with Mark Barton on Bloomberg Television's "The Pulse." (Source: Bloomberg)
Billionaire investor Warren Buffett increased his stake in Tesco Plc (TSCO) to 5.08 percent after a slump in the share price of the U.K.’s largest supermarket chain.
Buffett’s Berkshire Hathaway Inc. (BRK/A) raised the holding from 3.21 percent and held about 407.6 million shares as of Jan. 13, Cheshunt, England-based Tesco said today in a statement.
Tesco shares declined 16 percent on Jan. 12, the most since at least 1988, after the company reported Christmas sales that missed estimates and reined back profit expectations. Buffett told CNBC in November he’d buy more shares if the price fell.
Tesco rose as much as 1.7 percent in London trading today and was up 0.4 percent at 322.4 pence as of 12:33 p.m. The stock has fallen 20 percent since the start of the year, cutting the company’s market value to 25.9 billion pounds ($40 billion).
To contact the reporter on this story: Paul Jarvis in London at pjarvis@bloomberg.net
To contact the editor responsible for this story: Sara Marley at smarley1@bloomberg.net
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