Buffett cuts Tesco stake to below 3 percent

Reuters
Berkshire Hathaway CEO Warren Buffett listens to a shareholder at the Berkshire-owned Borsheims jewelry store where Buffett was selling jewelry as part of the company annual meeting weekend in Omaha, Nebraska May 4, 2014. REUTERS/Rick Wilking

LONDON (Reuters) - Warren Buffett, the billionaire chairman and chief executive of conglomerate Berkshire Hathaway, has cut his vehicle's stake in troubled British grocer Tesco to below 3 percent, according to a stock market notification. The filing, published on Thursday, said that on Oct. 13 Berkshire reduced its Tesco holding to "less than 3 percent". Earlier this month Buffett said Berkshire's investment in Tesco was a "huge mistake." Berkshire had a roughly 3.96 percent stake in Tesco's shares, according to an early May regulatory filing. Tesco is reeling from an accountancy scandal and a downturn in trading. Its shares have fallen 48 percent so far this year. (Reporting by James Davey; Editing by Neil Maidment)