BUSINESS TELEGRAPH: Warren Buffett has fuelled suspicions that he is set to turn his sights on British companies by declaring he is now particularly focused on buying European businesses.
While family-owned companies in mainland Europe are at the top of his list, the investor indicated that his business may also focus on groups whose main operations were in pounds or euros.
This weekend, at the annual general meeting of Berkshire Hathaway, Mr Buffett said he was keen to diversify away from companies whose business was largely in dollars, since he expects the US currency to lose more value in the coming years.
He said: "We are happy to invest in businesses that earn their money in the euro, or in companies that derive their earnings in Germany, or from the sterling in the UK, because I don't have a feeling that those currencies are going to depreciate in a big way against the dollar.
I'm willing to bet the dollar will weaken against other currencies over the longer term, so I feel no need to hedge those currencies."
Mr Buffett is due to tour Europe later this month, visiting Italy, Spain, Germany and Switzerland and persuading business owners to deal directly with them when considering selling their companies. Warren Buffett Bets His Bottom Dollar on European Businesses >>> By Edmund Conway | May 5, 2008
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