Warren Buffett ups stake in retail giant Tesco
Published 26/09/2011 | 16:31
Legendary investor Warren Buffet has increased his stake in retail giant Tesco.
Known as one of the most successful investors of his time, Mr Buffett bought up another 34 million shares in the company bringing his stake from 3.2pc to 3.6pc.
The investment comes as Tesco rolls out what it claims is its biggest price cuts in 25 years and it battles against the likes of Aldi and Lidl.
Mr Buffett, dubbed the “Sage of Omaha”, has been critical of Tesco in the past but the new investment is a further vote of confidence in chief executive Phil Clarke.
Tesco has been struggling in Britain with consumer spending hit by the recession and recently abandoned Japan, a market it new profited in.