23rd Oct 2013 05:43
CHESHUNT (Alliance News) - Warren Buffett's Berkshire Hathaway Inc. (BRK-B, BRK-A, BRKa) has reduced its stake in Tesco Plc. (TSCO.L, TSCDY.PK), the UK-based supermarket chain said in a regulatory filing.
The billionaire investor reduced his holding in the retailer to 3.98% from 4.98% on October 16, thus reducing the stake by 300 million pounds or $484.8 million.
Berkshire Hathaway has been a shareholder of Tesco since 2006. The retailer is still one among Buffett's biggest investments outside the U.S.
The move comes after Tesco earlier this month reported lower profit for the first half of the year, amid challenging economic conditions overseas, particularly in Europe.
Tesco said at that time that the challenging retail environment in Europe has continued to affect the performance and profitability of its businesses there. However, the retailer expects a stronger second half as the investments it has made to improve the offer for customers in the region start to take effect.
TSCO.L closed down 0.2% on Tuesday at 371.45 pence.
Copyright RTT News/dpa-AFX
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