Buffett's £500m Tesco confidence vote
Warren Buffett has boosted his stake in supermarket Tesco from 3.2% to over 5% in just two days.
Shrugging off the supermarket's profit warning earlier this month, Buffett's Berkshire Hathaway investment firm's increased position has effectively lent the chain a £500 million confidence boost.
Towards the tail end of last year Buffett (pictured) said during an interview that he was planning on increasing his ownership of some European shares. It was widely rumoured that the shrewd investor had decided to buy more of Tesco, however due to public disclosure requirements Buffett would not comment any further.
According to papers filed in the US overnight, Berkshire Hathaway's Tesco position moved from 3.21% to 5.06% between 12 January - the day that Tesco issued its snap profit warning and an increase in position bought for around £500 million according to the day's closing share price - and 13 January.
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters