Warren Buffett Boosts Stake in Tesco

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Tesco has been boosted by the revelation that Warren Buffett’s Berkshire Hathaway group spent about £500m raising his stake in the embattled retailer after its shock profit warning last week.

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A regulatory filing showed on Thursday that the US billionaire’s investment vehicle increased its stake in the world’s third biggest supermarket chain by sales from 3.21 per cent to 5.08 per cent over two days – January 12, the day Tesco issued its first profit warning in 20 years, and January 13.

The move by Berkshire Hathaway, which controls investments in listed entities worth about $67bn, is likely to be taken by some other investors as a sign of confidence in Britain’s biggest supermarket chain by market share.

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“This is an important message that is going to resonate around stock markets globally,” said Clive Black, analyst at Shore Capital. “There is no better fillip than Warren Buffett rolling into town with his big wallet.”

Full article-http://www.ft.com/intl/cms/s/0/79748b2c-42d0-11e1-b756-00144feab49a.html#axzz1jwrsukDx

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