Buffett slashes Tesco stake

|By:, SA News Editor

An owner of the U.K. retailing giant since 2006, Berkshire Hathaway (BRK.A, BRK.B) cut its stake by £300M on October 16. Berkshire's now owns 3.98% of the company vs. 4.98% previously.

A fast grower during the years before Buffett bought in, Tesco has suffered from eroding market share at home, failed attempts to break into the U.S. and Japan, and a costly, still unprofitable expansion into China.

A near-two-year $1B turnaround plan in the U.K. has shown signs of bearing some fruit.

Tesco (TSCDF, TSCDY) is unchanged in London trade.