Buffett defends Burger King move

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 a $11bn deal that will create the world’s third biggest fast food group.