BUSINESS

Shares in British retailer Tesco rise after billionaire Warren Buffett raises his stake

01/20/2012 12:49 EST | Updated 03/21/2012 05:12 EDT
LONDON - Shares in Tesco PLC have risen after it was revealed that billionaire investor Warren Buffett had upped his stake in the British retailer.

Regulatory filings made public Thursday show that Buffett's Berkshire Hathaway Inc. had boosted its share in the Cheshunt, England-based company to 5.08 per cent following a disastrous Christmas results report which saw spooked investors knock around 4 billion pounds ($9 billion) off the company's market value.

The filings show that Buffett began building up his 3.21 per cent stake starting Jan. 12, the day the company announced a shock profit warning.

Tesco's share price stood at 327 pence late on the London Stock Exchange on Friday, up nearly 3 per cent from Wednesday's close.