Key shareholder cuts Tesco stake and demands 'clear and coherent' strategy

One of Tesco's largest shareholders has significantly reduced its holding in the business in the past month due to a range of 'risk factors', according to reports.

US investor Harris Associates has reduced its stake from 3% of the business to 1% over the past month, according to the Sunday Telegraph. The firm, which was Tesco's seventh-largest shareholder, said it was concerned over the firm's lack of strategy and that holding Tesco was too risky to justify. Harris chief executive David Herro said he would await a new plan from Tesco on how it planned to turn the business around before deciding what to do with the remainder of the shares. “With so many unknowns … those risk factors are just too high to justify a big position," he said. “We...