Saudi Wealth Fund Takes Stakes in European Oil Majors: Dow Jones

(Bloomberg) -- Saudi Arabia’s sovereign-wealth fund has taken stakes worth about $1 billion in European oil majors Equinor, Royal Dutch Shell, Total and Eni, Dow Jones reports, citing people familiar.

  • Stakes were bought by the Public Investment Fund on the open market in recent weeks, and the fund may continue to make stock purchases
  • PIF bought a stake worth around $200m in Norway’s Equinor; the size of the stakes in Royal Dutch Shell, Total and Eni couldn’t be determined
  • Spokespeople from Equinor, Royal Dutch Shell, and Eni declined to comment, Dow Jones said; Total didn’t respond to a request for comment
  • Royal Dutch Shell ADRs rose about 2% post market

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