Warren Buffett sells shares in British retailer Tesco

16th October 2014, Comments 0 comments

US billionaire investor Warren Buffett's investment company has cut its holdings in British supermarket giant Tesco, which is grappling with falling profits and probe by the financial watchdog.

Berkshire Hathaway has cut its holding in the world's third-biggest supermarket group to below three percent, according to a stock market filing published on Thursday.

Buffett, nick-named the "Sage of Omaha" for his successful track record in investments, admitted to CNBC early this month that his investments in Tesco had been a "huge mistake".

Berkshire Hathaway initially held five percent in Tesco but had previously cut its exposure to around 3.2 percent.

Tesco stunned investors on September 22 when it revealed that its profit for the six months to August 23 was overstated by an estimated £250 million ($408 million, 318 million euros).

The group had previously forecast its half-year trading profit at £1.1 billion.

Tesco is the world's third-biggest supermarket group after France's

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© 2014 AFP

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