Saudi Arabia News: Wealth Fund Invests $200 Million in Equinor - Bloomberg:
Saudi Arabia’s sovereign wealth fund built a stake worth about $200 million in Equinor ASA as the kingdom navigates the impact of the coronavirus pandemic and plummeting crude prices.
The Public Investment Fund amassed its holding in Norway’s largest crude producer mostly through the open market some time last week, according to people with knowledge of the matter. Though it’s not clear exactly when the PIF bought the holding and if the fund is still buying shares, the people said, asking not to be identified as the matter is private.
Saudi Arabia’s $320 billion sovereign wealth fund, run by Yasir Al-Rumayyan and controlled by Crown Prince Mohammed bin Salman, is taking advantage of a slump in stock market valuations as it steps up deal-making to become the world’s biggest manager of sovereign capital. The fund last month built an 8.2% stake in cruise operator Carnival Corp. after shares slumped due to the fallout of the coronavirus pandemic.
Representatives for the PIF and Equinor declined to comment.
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