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Qatar Holding Sells 10% Stake in Auto Investment to Porsche and Piëch Families

porscheQatar Holding, the sovereign wealth enterprise of the Qatar Investment Authority (QIA), sold their 10% stake in Porsche Automobil Holding SE to the automaker families of Porsche and Piëch. The Porsche and Piëch families control Porsche’s holding company which holds around 50.7% of Volkswagen AG common stock. The deal gives the family 100% of the voting rights.

In response to the transaction, Qatar Holding said it remains committed to the Integrated Automotive Group through its 17% stake in Volkswagen AG. Qatar Holding views Volkswagen as a unique investment. Back in 2009, Porsche was troubled with finances and sold a 10% voting stake to Qatar Holding. At the time, Porsche stacked up €10 billion in debt trying to buy Volkswagen

“This transaction results as a logical step after the creation of the Integrated Automotive Group between Volkswagen and Porsche AG as finalized in 2012,” Qatar Holding said in the statement.

Mubadala Inches Closer to Invepar Ownership

Since the beginning of the year, Abu Dhabi-based Mubadala Investment Company has been looking at owning the distressed Brazilian infrastructure company Invepar SA for quite some time. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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KDC’s Latest Acquisition a Breath of Fresh Air

Knowlton Development Corporation (KDC) has made its latest acquisition with the purchase of Aromair Fine Fragrance Company Inc., a U.S. subsidiary of Aromair Group that specializes in air care products, from London-based Strategic Value Partners. The terms of the transaction, which was completed on November 8, were not disclosed. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norges Bank Recommends Dropping Oil Stocks for Sovereign Fund

Norges Bank penned a letter to its Ministry of Finance recommending the removal of oil and gas stocks from the GPFG’s benchmark index. At the moment, oil and gas stocks make up roughly 6% of the wealth fund’s benchmark index, or just around 300 billion NOK. Norway’s wealth fund is a major holder of oil companies such as ExxonMobil, Chevron, BP, Total and Royal Dutch Shell. Oil and gas stocks were a major driver of positive equity returns in previous quarters.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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