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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Norway lawmakers have questions over F1 acquisition by SWF

Posted on 10 March 2014

Norway’s $850 billion sovereign wealth fund, the world’s largest, must answer questions on its acquisition of a stake in Formula One, Norwegian parliamentarians said on Friday. The fund, which invests Norway’s oil and gas revenues, bought a $1.6 billion (£1b) stake in motor racing’s Formula One in May 2012, together with investors BlackRock and Waddell & Reed.
The call by politicians comes after the newspaper Dagens Naeringsliv questioned whether the fund violated its mandate by making the deal. The fund can only buy a stake in an unlisted company if the company plans an initial public offering. After the deal was made, a planned Formula One IPO was cancelled………………………………………..Full Article: Source


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