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Buffett slashes Tesco stake

  • 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.
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