Qatar wants to be Shell's top shareholder
London, September 8, 2012
Qatar wants to become the biggest shareholder in Royal Dutch Shell by raising its stake to seven per cent to strengthen its ties with the oil company and further invest its wealth in Western assets, said a report.
The Middle East Economic Survey (MEES) said Qatar's sovereign wealth fund, the Qatar Investment Authority, was looking to raise its stake from below three per cent, which would make it the biggest shareholder, above Blackrock's five per cent.
Shell declined to comment on the report.
In May, MEES reported that Qatar was looking to buy three to five per cent of Shell. Shell confirmed at the time that Qatar had bought a large stake.
British stock market rules require any party to disclose a holding of over three pc in a listed company. Qatar has not made such a disclosure.
QIA has been investing in assets ranging from German sportscar maker Porsche to British bank Barclays.-Reuters