Sunday 05 May 2019 12:13 pm | Updated: Wednesday 05 June 2019 9:14 am

Warren Buffett wants to make ‘very large acquisition’ in UK despite Brexit

Warren Buffett has made clear his intentions to make a “very large acquisition” in Britain, despite the cloud of economic uncertainty from Brexit negotiations showing little sign of lifting.

The veteran US investor said he would like to make more of a name for his firm, Berkshire Hathaway, in the UK and in Europe.

At his annual shareholder meeting Buffett said: “It [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,” he said.

But, he added, he suspected voting to leave the bloc was “a mistake”.

The company reported first-quarter profit of $21.7bn (£16.5bn) yesterday, compared to a $1.1bn loss this time last year.

Operating profit, which Buffett said he considers a better measure of performance, rose five per cent to $5.6bn, from $5.3bn a year earlier.

But his acquisition of 26.7 per cent stake in food giant Kraft Heinz still gave the investment giant cause for concern, having not yet filed its quarterly results.

Kraft Heinz lose $10.2bn last year, as consumers turned their backs on its processed food products. Berkshire wrote down the value of its stake in the company by $3bn at the same time.

Buffett also maintained that “we paid too much” for Kraft Heinz, which was created in a 2015 merger between Kraft Foods and Heinz, which Berkshire and Brazil’s 3G Capital controlled.