Billionaire investor Warren Buffett cut his stake in U.K. supermarket leader Tesco Plc in the last year, according to Berkshire Hathaway Inc.’s annual report.
Berkshire, Buffett’s investment company, held 3.7 percent of the U.K.’s biggest retailer as of Dec. 31, down from 5.2 percent a year earlier, the report shows. Tesco last reported Berkshire’s stake at 3.98 percent in October.
The reduced holding still makes Berkshire Tesco’s fourth-largest shareholder, according to data compiled by Bloomberg. Buffett, the world’s third-richest person worth $59.4 billion, has owned a stake in the retailer since at least 2006.
Tesco fell 0.9 percent to 326.1 pence at 8:14 a.m. in London trading, extending last week’s 1.8 percent drop.
The grocer said Feb. 25 it will invest 200 million pounds ($334 million) in permanently lower prices as it fights to shore up a declining share of the U.K. food retail market. As part of that pledge, Tesco said today it will cut the price of a 4-pint bottle of milk to 1 pound from 1.39 pounds, bringing the price into line with discounter Aldi and Wal-Mart Stores Inc.’s Asda.