Berkshire Increases Tesco Stake
Berkshire Hathaway (BRK-A) increased its Tesco stake from 2% of the retailer to 2.9% today. Tesco is Britain's largest retailer and plans on expanding into the U.S. West Coast with grocery stores in Arizona, California, and Nevada and in Asia (see Forbes article).
Bloomberg.com notes, ``Buffett is realizing that with Tesco moving into the U.S. with a fantastic format and great management, they are the ones to back,'' said Chris Gower, an analyst at Man Securities in London. ``I wouldn't be surprised if other investors start piling in. They look at Buffett as the shining light.''
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