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Buffett ups his stake in Tesco to more than 3pc

US investor Warren Buffett has raised his stake in British supermarket group Tesco to over three per cent, according to a regulatory statement published yesterday.

Buffett’s investment firm, Berkshire Hathaway, has bought around two million shares in the world’s third biggest retailer to take its stake to 242m, or 3.02 per cent of the total. The news helped to lift Tesco shares 4.25p higher to 400.75p.

Billionaire Buffett first emerged as an investor in Britain’s biggest supermarkets operator in May 2006.

Buffett was named number three on the Forbes Rich List this year with a £31.3bn fortune. He is revered as a financial guru in the US and around the world.