Business

Buffet denies tax inversion

AMERICAN billionaire Warren Buffett has denied Burger King relocating its headquarters to Canada as part of its takeover of coffee chain Tim Hortons is motivated by lower taxes.

The fast-food giant has come under fire in the US amid claims of tax inversion - when corporations relocate headquarters to a nation with lower taxes - following the announcement of an $11 billion (£6.6bn) deal that will create the world's third biggest fast food group.

Mr Buffett, who is backing the deal via a $3bn (£18bn) investment through his Berkshire Hathaway firm, told the Financial Times that moving Tim Hortons to America might be unpopular with Canadians. "Tim Hortons earns more than Burger King does," he told the paper. "I just don't know how the Canadians would feel about Tim Hortons moving to Florida. The main thing here is to keep the Canadians happy."