16th Oct 2014 09:20
LONDON (Alliance News) - Billionaire investor Warren Buffett has sold more of his shares in Tesco PLC, a regulatory filing showed on Thursday, having earlier this month described his investment in the supermarket company as a "huge mistake".
Berkshire Hathaway PLC, the holding company controlled by Buffett, cut its stake in Tesco to less than 3% on Monday, the filing showed. It now holds 245 million shares in the company. Before the sale, it held a near 4% stake in the company, according to data on Hemscott.
Earlier this month, Buffett, speaking during an interview with CNBC, said his investment in Tesco had been a "huge mistake" and he had lost hundreds of millions of dollars on the bet.
Tesco has seen its share price plunge in recent weeks after it said it had overstated its profit guidance for the first half by GBP250 million. This was followed by the suspension of a number of executives and investigations by a number of regulatory bodies into the accounting problems at the company.
Buffet's Berkshire Hathaway at increased its stake in Tesco to 5.08% in January 2012, having initially entered its shareholder register in 2006.
Tesco shares were down 0.1% to 174.8 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Tesco