MADRID (Bloomberg) — Billionaire Warren Buffett, speaking in Madrid during his four-day European tour, said he missed an opportunity by not visiting the continent 10 years ago to seek acquisitions for his Berkshire Hathaway Inc.

"I believe in correcting mistakes, so better late than never, and that's the reason I'm here now," said Buffett at a news conference. "There are going to be more large acquisitions, possibly, in Europe than in any part of the globe."

An economic boom lasting more than a decade helped swell the ranks of Spanish companies large enough to meet Buffett's minimum requirement of $75 million in pre-tax earnings. About 50 family-owned businesses,including retailers El Corte Ingles and Mercadona and builder Grupo Ferrovial SA earn annual revenue of more than 1.2 billion euros ($1.89 billion), said Josep Tapies, professor of strategic management at IESE Business School.

"Spain has family-owned companies that have done their homework by becoming more diversified, professional and growing abroad," said Tapies, who teaches family business at IESE, the world's third-best business school according to the Economist Intelligence Unit. "Many of their owners would be able to identify entirely with Buffett's methods and objectives."

The Berkshire chairman is known for buying privately owned companies with iconic brands and barriers to would-be rivals. Buffett, unlike private equity firms, says he buys "for life" and doesn't meddle in management.