Billionaire investor Warren Buffett has boosted exposure to Tesco with the purchase of £120m ($185.5m) shares in the retailer, taking his total stake to 3.64%.
Berkshire Hathaway, Buffett's investment company, has bought 34 million shares in the world's third biggest retailer, according to Reuters. It is thought the move reflects a vote of confidence in Tesco's new chief executive Philip Clarke, who has said he wants to significantly reduce the firm's losses this financial year and break even towards the end of 2013. The firm is preparing to report on its first half-year results under the CEO next week. Buffett first appeared on Tesco's share register in May 2006, taking a 1% stake, which he has been increasing gradually ever since, Reute...
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