Qatar Wealth Fund to Sell Entire Veolia Stake Worth $640 Million - Bloomberg

Qatar Wealth Fund to Sell Entire Veolia Stake Worth $640 Million - Bloomberg:

"Qatar’s sovereign wealth fund is selling a stake worth about $640 million in Veolia Environnement SA, months after it reduced holdings in Tiffany & Co. and Credit Suisse Group AG. Qatari Diar Real Estate Investment Co., the property arm of Qatar Investment Authority, will sell about 26.1 million shares in the French utility, or around 4.6 percent of share capital, according to a statement from the Doha-based firm. Veolia’s shares closed at 19.91 euros in Paris trading on Monday. The planned sale comes after the QIA offloaded shares worth about $417 million in luxury jewelry retailer Tiffany & Co. in September and reduced its direct shareholding in Credit Suisse to 4.94 percent in August. Qatar has been involved in a nine-month standoff with neighboring states including the United Arab Emirates and Saudi Arabia that has forced its sovereign fund to focus on the country’s economy and financial system. The QIA has injected billions of dollars into local banks as the ongoing campaign hurts lenders. "



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