Buffett Cuts Tesco Stake After Saying Holding Was ‘Mistake’
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Tesco Plc said Warren Buffett’s Berkshire Hathaway Inc. cut its stake in the troubled retailer to less than 3 percent after the billionaire said his eight-year investment was a “huge mistake.”
Berkshire had held 3.7 percent at Dec. 31, according to its annual report. Tesco shares have declined 49 percent this year as the grocer struggles to recover from overstated profit forecasts, lost market share and an overhaul of top management.