OMAHA, Neb., May 5 (Reuters) - Warren Buffett on Saturday told Berkshire Hathaway Inc shareholders that he has not changed his opinion about Wal-Mart Stores Inc or its earnings power, but that the world's largest retailer "may well have made a mistake" in handling a Mexico bribery scandal.
Wal-Mart is one of Berkshire's largest common stock holdings. As of Dec. 31, Berkshire's 39.04 million share stake in the retailer was worth about $2.33 billion.
Last month, the New York Times reported that Wal-Mart de Mexico, which is 69 percent owned by Wal-Mart, in the last decade orchestrated a widespread bribery campaign to win market dominance, and that senior Wal-Mart executives knew about the matter and tried to cover it up.
If the allegations are true, then Wal-mart may have violated the U.S. Foreign Corrupt Practices Act, which forbids bribes to foreign government officials.
Start your workday the right way with the news that matters most. Learn more