magnate and investor, Warren Buffett (pictured), sold around 115 million of his shares in Tesco over the past 12 months.The equates to a 30% reduction in Buffet's shareholding of Britain's largest supermarket chain.
The man regarded as one of the world's most successful investors revealed that he has reduced his holding in the retailer from 5.2% to 3.7%, in the annual filling of his Berkshire Hathaway investment company.
In his annual letter to investors in Berkshire Hathaway, Buffett gave no detailed reason for cutting the stake he bought in 2006.
Buffett still retains shares worth an estimated £1.67 billion.
Dubbed the Sage of Omaha for his reputation as the world’s most successful investor – Buffett still retains Tesco as one of his top 15 holdings, which include American Express, Coca-Cola and Goldman Sachs.
Pressure is mounting on Tesco to reverse market share losses in its home market and fix nose diving profits in Europe and Asia. The group is currently 18 months into a £1 billion turnaround in Britain, which involves cutting prices and revamping stores.
In related news, Tesco has cut the price of four pints of milk in its stores from £1.39 to £1.
Last week, Britain’s biggest supermarket announced a £200 million investment to lower the prices of popular food staples such as tomatoes, onions, peppers, cucumbers and milk.
The milk price cut has sparked fears amongst British farmers that a price war between the country's largest supermarkets is just around the corner.
