Warren Buffett buys IBM stake with $10.7bn investment

Warren Buffett - one of the world's wanted investors - has declared building a 5.4% stake in IBM.

Mr Buffett's Berkshire Hathaway fund began buying shares in the firm in March, he invest his funds spending around $10.7bn (£6.7bn).

The billionaire had steered away from technology firms in the past.

He said that he was interested and impressed by IBM's road map for how it planned to attract IT firms outside the US to sign up to its services.

"If you're in some country around the world and you're creating  your IT department you're probably going to feel more easy with IBM than with many companies,".

He said he began buying the stock after he read IBM's 2010 annual report and spoke to technology professionals in the businesses his fund had already invested in.

He said he realised there was a lot of "continuity" in the US-headquartered business.

"It is a great deal for a big company to alter auditors, change law firms, or change IT support," he said.

"There's a fair amount of presumption in many places that if you're with IBM, you stay with them."