Buffett builds up stake in UK blue chip
Tuesday 13 April 1999
Mr Buffett, a stock market guru and one of the world's richest men, said he would soon be forced by UK trading rules to make an announcement because his stake was approaching three per cent.
In a rare public appearance in London, Mr Buffett said he started buying the mystery company two months ago. He declined say when his stake would pass the three per cent mark. "It depends on what the price does," he said.
The US billionaire also refused to say whether the company - like many of his other investments - sold consumer products. But Mr Buffett, a one-time investor in Guinness, did hint that the company was a large UK blue chip. He said: "We do have a certain-sized requirement for investments. We need elephants now."
Mr Buffett who was promoting NetJets, his airline timeshare business, denied he was stalking the UK company. The shares had been bought by Berkshire Hathaway, his Nebraska-based investment vehicle. He said Berkshire Hathaway had $15bn in cash earmarked for investment, but high valuations of most stocks meant buying opportunities were thin on the ground.
He said: "If we're sitting on that kind of money it means we're having a hard time finding things to buy. If we find a good business run by honest and able businessmen we will buy it. If not we will wait."
The Berkshire Hathaway chairman declined to comment on the overall direction of US stocks or on particular companies in his investment portfolio.
Mr Buffett reaffirmed his commitment to two of his larger shareholdings, Coca Cola and Gillette, whose shares have been hit by earnings worries.
Mr Buffett brushed aside the global slowdown. "The macroeconomy makes no difference to us. I don't read economic forecasts. I don't read the funny papers. I simply try to figure out where a business will be 10 years from now."
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
The magicians using online collaboration to push boundaries
lifeIt takes year-long dedication to get Selfridges ready for 25 December. And they're already working on plans for 2015...
Jennifer Lawrence attacks mass media again over body image
- 1 America's 'virgin births'? One in 200 mothers 'became pregnant without having sex'
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Ian Watkins: Paedophile Lostprophets singer sentenced to 35 years for child sex offences, as judge labels him a 'dangerous sexual predator'
- 4 Christmas comes early: Justin Bieber announces he's 'retiring from music'
- 5 Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
- < Previous
- Next >
iJobs Money & Business
£25000 - £32000 per annum: Harrington Starr: Junior Business Analyst - Banking...
£25000 - £35000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Implementation...
£50000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...