Connect with us

Qatar Sells Part Of Volkswagen Stake,Raises 1.5 Billion Euros

Published

on

According to the Wall Street Journal, “Qatar’s sovereign investment fund Tuesday sold 25 million preference shares in German auto maker Volkswagen AG, raising EUR1.5 billion, but still plans to build its voting stake in the company. The fund, VW’s third-largest shareholder, said it would sell the shares, which don’t have voting rights, to boost their liquidity. However, the move comes after a recent fall in their value and as VW is about to issue new preference shares, which would dilute Qatar’s holding. The fund said it still wants to increase its holding of VW’s ordinary shares, which have voting rights, to 17%. Qatar had a 6.78% stake Aug. 28, according to VW’s Web site.

Qatar Holding LLC’s sale of VW shares follows a similar move by the Persian Gulf sheikdom regarding its holdings in Barclays PLC. After helping pump billions of fresh capital into Barclays last year, Qatar in late October sold down a stake in the bank worth more than $2 billion at the time.

A person familiar with Qatar’s thinking at the time said the move was made to book profits after Barclays shares recovered sharply from their financial-crisis lows. Despite the selloff, Qatar said it would continue to be a long-term investor in the bank.

Qatari officials weren’t immediately available to comment Tuesday. In a statement, the fund said it plans to remain a long-term strategic investor in VW and supports the auto maker’s plans to merge with sports car maker Porsche Automobil Holding SE.

‘Volkswagen remains a key investment asset for (the fund) and we have been pleased with our investment in Volkswagen so far,’ Qatar Holding said.

read more: Wall Street Journal

SWFI First Read, July 19, 2018

Published

on

GIC Eyes Provenance Land

GIC Private Limited is nearing a deal to purchase up to 50% of Provenance Land. Provenance Land owns India’s first Four Seasons hotel.

Eduard van Gelderen Leaves UC Regents for PSP Investments CIO Role

Eduard van Gelderen exited his position as Senior Managing Director at the University of California Regents’ Office of the Chief Investment Officer. His role will not be replaced. He accepted an offer to be Chief Investment Officer of the Public Sector Pension Investment Board (PSP Investments).

PAAMCO Prisma Holdings CEOs to Exit

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Google Fined Big Time by EU Regarding Antitrust Violations

Published

on

The European Union (EU), through its competition commissioner, levied a €4.34 billion fine against Alphabet Inc., the owner of Google. The fine is over Google having “imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search,” according to the European Commission (EC).

The European Commission is requiring Alphabet to cease from its conduct that it is accused of within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company.

Commissioner Margrethe Vestager, in charge of competition policy, said in a press release, “Today, mobile internet makes up more than half of global internet traffic. It has changed the lives of millions of Europeans. Our case is about three types of restrictions that Google has imposed on Android device manufacturers and network operators to ensure that traffic on Android devices goes to the Google search engine. In this way, Google has used Android as a vehicle to cement the dominance of its search engine. These practices have denied rivals the chance to innovate and compete on the merits. They have denied European consumers the benefits of effective competition in the important mobile sphere. This is illegal under EU antitrust rules.”

The EC press release added, “In particular, Google: 1. has required manufacturers to pre-install the Google Search app and browser app (Chrome), as a condition for licensing Google’s app store (the Play Store); 2. made payments to certain large manufacturers and mobile network operators on condition that they exclusively pre-installed the Google Search app on their devices; and 3. has prevented manufacturers wishing to pre-install Google apps from selling even a single smart mobile device running on alternative versions of Android that were not approved by Google (so-called “Android forks”).”

Continue Reading

Mubadala, RCIF and UFC Agree to Form UFC Russia Joint Venture

Published

on

Endeavor (formerly WME | IMG) is taking its UFC brand into Russia. Endeavor is financially-backed by investors such as Silver Lake Partners, CPPIB, KKR and Singapore’s GIC Private Limited. The global talent agency company inked a deal with the Russia-China Investment Fund, Mubadala Investment Company (UAE) to form a platform to focus on the development and expansion of UFC’s mixed martial arts (MMA) business in Russia and CIS countries. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.