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Sovereign Wealth Funds Briefing 22.Nov 2010

Posted on 22 November 2010 by VRS |  Email |Print

From Independent.ie: The oil-rich state of Norway has taken a stake in the soon-to-be merged Greencore and Northern Foods food giant. The country’s €360bn sovereign wealth fund, pumped up by billions in North Sea oil revenues, has revealed that it owns 4.1 million shares in the company or a near 2 per cent stake.
The state fund has also revealed a similar-sized stake in Northern Foods……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Bloomberg: Kuwait Investment Authority, the country’s sovereign wealth fund, decided against buying General Motors Co. shares after the sale price was raised, according to a person familiar with the matter.
GM’s owners, including the U.S. Treasury, sold shares at $33 each in an initial public offering on Nov. 17. The automaker had filed with the Securities and Exchange Commission on Nov. 3 to offer the shares for $26 to $29 each. The company raised more than $20 billion in the IPO, which reduced the U.S. government to a minority shareholder……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Independent. : The Bahraini sovereign wealth fund Mumtalakat owns a 50 per cent stake in the company with the remainder split equally between its chairman Ron Dennis and the Swiss TAG Group.
The owners also provided over £60m of debt to McLaren Automotive in 2009 with its inter-company loans accelerating from £50.6m to £112.7m……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Bloomberg: China Investment Corp. said it owns the equivalent of 74 million shares of Chicago-based General Growth Properties Inc., the second-largest U.S. mall owner.
The sovereign wealth fund holds 59.3 million common shares through a company called Brookfield Retail Holdings III LLC, according to a Form 4 filed with the U.S. Securities and Exchange Commission. China Investment, based in Beijing, also owns warrants on 14.7 million General Growth shares, according to a separate filing……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Arabnews.com: Whether it is in the numerous speeches by the prime minister and his Cabinet, or by the regulatory officials; or in the National Development Plan; or in agreements signed with foreign governments; or in the investment strategies of its two sovereign wealth funds (SWFs).
In Baku in June, Ahmad Husni Hanadzlah, the Second Finance Minister of Malaysia, called on the member countries of the Islamic Development Bank (IDB) to consider establishing “the world’s first supra-sovereign wealth fund (SWF)” to invest in a Shariah-compliant way in Muslim economies on the same returns expectations as for the SWF industry in general……………………………………….Full Article: Source

Posted on 22 November 2010 by VRS |  Email |Print

From Delimiter.com.au: Telstra’s shareholders voted overwhelmingly in favour of three resolutions at its annual general meeting on Friday. The only problem? The company’s largest shareholder, the Federal Government’s Future Fund, issued a protest vote against all three.
In a statement issued Friday, the Future Fund — which owns about 10 percent of Telstra, worth several billion dollars — revealed it had voted against the trio of motions, stating that its decision was made based on its voting policy and principles designed to protect and enhance shareholder value……………………………………….Full Article: Source

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