Buffett’s Berkshire Hathaway Discloses Reduced Stake in Tesco
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. (WMT)’s Asda.
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