Qatar builds stake in Total to 2pc worth $2.6bn
Paris, March 14, 2012
The sovereign wealth fund of Qatar has built up a 2 per cent stake now worth more than two billion euros ($2.6 billion) in France's oil major Total since last summer, according to newspaper Les Echos.
The oil-rich state of Qatar is now among Total's top five shareholders, after the company's employees, and Belgian investor Albert Frere.
Its stake is approximately the same size as the one held by China's State Administration of Foreign Exchange, which bought into Total's shares in 2008, according to the paper.
Qatar has already bought stakes in several French companies, including media-to-aerospace conglomerate Lagerdere, infrastructure player Vinci, and environmental services group Veolia. – Reuters