Buffett cuts Tesco stake, says holding was 'huge mistake'

Tesco said Warren Buffett’s Berkshire Hathaway has cut its stake in the troubled retailer to less than 3 per cent after the billionaire said his investment was a “huge mistake.”

Berkshire had held 3.7 per cent at December 31, according to its annual report. Tesco shares have declined 48 per cent this year as the grocer struggles to recover from overstated profit forecasts, lost market share and an overhaul of top management.

Buffett ...