Billionaire Buffett buys up £500m more of Tesco
Billionaire investor Warren Buffett has beefed up his holding in Tesco by a further £500m.
His Berkshire Hathaway investment vehicle has increased its share in the UK’s largest supermarket from 3.21% to 5.08%.
The move by the investment legend comes as a confidence booster for Tesco, which last week reported a 2.3% fall in like-for-like sales over the key Christmas period. Those results caused its share price to tumble by more than 15%.
Tesco this week unveiled the latest phase of its ongoing bid to wrest back the momentum from rivals, a £5 off voucher scheme that Asda suggested had borrowed heavily from a similar scheme of its own last year.
Readers' comments (1)
Theo Pieterse | 23 Jan 2012 20:47
Tesco used to be cheap and we supported them but over the christmas period pushed their prices for regular consumer goods much higher than ASDA. Eggs, chicken, bacon, tomato paste, bacon, milk, bread and many other products are now much more expensive. Maybe they should look after the UK home market rather than lose money elsewhere before they lose this one too.
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