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Buffett cuts Tesco stake to below 3 percent


    LONDON (Reuters) - Warren Buffett, the billionaire chairman and chief executive of conglomerate Berkshire Hathaway, has cut his vehicle's stake in troubled British grocer Tesco to below 3 percent, according to a stock market notification.

    The filing, published on Thursday, said that on Oct. 13 Berkshire reduced its TESCO (TSCO.LO)holding to "less than 3 percent".

    Earlier this month Buffett said Berkshire's investment in Tesco was a "huge mistake."

    Berkshire had a roughly 3.96 percent stake in Tesco's shares, according to an early May regulatory filing.

    Tesco is reeling from an accountancy scandal and a downturn in trading. Its shares have fallen 48 percent so far this year.

    (Reporting by James Davey; Editing by Neil Maidment)