Warren Buffett plans to make 'a very large acquisition' in Britain despite its Brexit 'mistake'

Alex Wong/Getty ImagesWarren Buffett.
  • The renowned investor Warren Buffett is not allowing Brexit uncertainty to put him off making what he has called a “very large acquisition” in Britain.
  • The 88-year-old CEO of Berkshire Hathaway also described Britain’s vote to leave the European Union as a “mistake.”
  • But no matter the Brexit outcome, he said, the company is hoping to strike a substantial deal in the UK or in Europe.
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LONDON – Warren Buffett, one of the most successful investors of all time, is not allowing Brexit uncertainty to deter him from making “a very large acquisition,” the Financial Times reports.

Britain voted to leave the European Union in a referendum on June 23, 2016, but the exit date of March 29, 2019, has been twice postponed and is now October 31.

Since the vote, numerous large businesses including Ford, HSBC, and Panasonic have cut jobs in Britain or moved part of their operations elsewhere, The Independent said in February.

Speaking Saturday at his annual shareholder meeting, Buffett, the 88-year-old CEO of Berkshire Hathaway, blasted the UK’s decision to leave the EU but said his company was hoping to strike a deal in Britain regardless of the outcome.

“I’m not an Englishman, but I have a feeling it was a mistake to vote to leave,” he said. He added, however, that Brexit “doesn’t destroy my appetite in the least for making a very large acquisition in the UK.”

“We’re hoping for a deal in the UK and/or in Europe, no matter how Brexit comes out,” City AM reported him as saying.

Berkshire Hathaway reported first-quarter profit of $US21.7 billion, up from a $US1.1 billion loss at the same period in 2018.

Buffett, though, cites operating profit as a better indication of a company’s performance. And this rose 5% to $US5.6 billion this year from $US5.3 billion last year.

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