US investment legend Warren Buffett has increased his stakes in Nestlé and Wal-Mart.

Buffett’s investment vehicle Berkshire Hathaway revealed it now holds 3.4 million US depositary receipts for Nestlé, worth $144.7m.

The group has also nearly doubled its stake in Wal-Mart, to hold 38 million shares – worth $1.8bn – in the world’s largest retailer.

Buffett already has interests in a number of food and drink companies, including a 10% stake in Cadbury suitor Kraft Foods. Berkshire Hathaway also provided $4.4bn of debt to allow Mars to acquire Wrigley in April 2008.

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