Billionaire US investor Warren Buffett has ploughed more cash into Tesco, giving the supermarket a welcome boost after its shock profits warning.
Mr Buffett has bought £480m of Tesco shares, upping his stake in the Britain's largest retailer from 3.21% to 5.08%.
Regulatory records show he made the investment - through his Berkshire Hathaway firm - on January 13, the day after Tesco revealed poor Christmas sales and warned that trading profits for its 2012/13 financial year would be flat.
Tesco Share Price 1-Month Chart
Tesco had its worst Christmas sales performance in the UK for decades.
The announcement on January 12 sent Tesco shares tumbling by 19%, wiping more than £5bn off its value.
The American tycoon's move signals a vote of confidence in new Tesco chief executive Philip Clarke, who took over from the highly-acclaimed Sir Terry Leahy in March last year.
Mr Buffett is ranked number three on the Forbes 2011 list of the world's wealthiest people and his share dealings are watched closely by the financial markets.
After originally buying into Tesco in 2006, he has gradually increased his holding.
Last year he caused a stir by saying Tesco should "look hard" at its loss-making Fresh & Easy chain in the US, although he also said he remained supportive of the business.
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