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

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Renowned investor Warren Buffett is not allowing Brexit uncertainty to put him off making a "very large investment" in Britain.
The 88-year-old CEO of Berkshire Hathaway also said that the vote to leave the European Union was a British "mistake."
But no matter the Brexit outcome, 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 EU in a referendum on June 23, 2016 but the initial exit date of March 29, 2019 has been twice postponed until October 31.

During this time a number of large businesses like Ford, HSBC, and Panasonic have cut jobs in Britain or moved part of their operations elsewhere, the Independent said in February.

Speaking at his annual shareholder meeting on Saturday, Buffett, the veteran businessman and CEO of Berkshire Hathaway, 88, blasted the UK’s decision to vote to leave the European Union but said his company is hopeful of striking 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. "But it [Brexit] doesn’t destroy my appetite in the least for making a very large acquisition in the UK."

He also said: "We’re hoping for a deal in the UK and/or in Europe, no matter how Brexit comes out," City AM reports.

Berkshire Hathaway reported first-quarter profit of $21.7 billion, up from a $1.1 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% from $5.3 billion last year, to $5.6 billion this year.

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