Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has purchased minority stakes in major U.S. companies including Boeing , ...
Saudi Arabia's sovereign wealth fund, the Public Investment Fund , has purchased minority stakes in major U.S. companies including Boeing , Facebook and Citigroup , according to a U.S. regulatory filing.
FILE PHOTO: The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris HelgrenShare this contentDUBAI: Saudi Arabia's sovereign wealth fund, the Public Investment Fund , has purchased minority stakes in major U.S. companies including Boeing , Facebook and Citigroup , according to a U.S. regulatory filing.
PIF disclosed a US$713.7 million stake in Boeing, around US$522 million in Citigroup , a US$522 million stake in Facebook, a US$495.8 milllion stake in Disney and a US$487.6 million stake in Bank of America , the Securities and Exchange filing on Friday showed. It also disclosed a small stake in Berkshire Hathaway .PIF also disclosed an US$827.7 million stake in oil company BP , which has American Depstory Receipts listed in the United States.
The US$300 billion Saudi sovereign fund has been buying minority stakes in global companies, taking advantage of market weakness in the wake of the coronavirus outbreak.Last month it disclosed an 8.2per cent stake in coronavirus-hit Carnival Corpl, sending the cruise operator's shares nearly 30per cent higher.The Saudi fund earlier this year bought stakes in Royal Dutch Shell , Total , Eni and Equinor, a source familiar with the transactions told Reuters on April 9.
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