Chinese Sovereign Fund Buys Stake In French Oil Giant Total
From AP:
French oil giant Total SA said Friday that a Chinese sovereign wealth fund has bought a large stake in the company for the first time.
Analysts said the purchase points to China’s thirst for access to raw materials to fuel its economic expansion, and presented little threat that the cash-rich fund would seek to take over Total — for political reasons.
The Financial Times reported that the buyer is China’s State Administration of Foreign Exchange, and that it bought a 1.6 percent stake in Total. That would be worth nearly €2 billion (US$3.14) billion.
Origin: , AP
