Iberdrola SA , the world’s biggest wind-energy company, said it will sell a stake to Qatar Holdings LLC for 2 billion euros ($2.8 billion) to cement a strategic alliance. The shares climbed 2.6 percent in Madrid.
Qatar, home to the world’s third- largest gas reserves, said it’s creating a $12 billion investment fund to buy distressed assets overseas and will seek to sell shares in the new entity to investors within weeks.
Qatar Holding LLC, the foreign investment arm of the country’s sovereign wealth fund, plans to seek a credit rating from Standard & Poor’s and Moody’s Corp in the “next few months” and had zero corporate debt on its balance sheet at the end of last year, the fund’s chief executive officer said.
Qatar Holding LLC, the investment arm of the country’s sovereign-wealth fund, plans to open Harrods hotels in cities including London, New York and Paris to build the British luxury retailer it bought two years ago into a global brand.
Qatar Holding LLC, Xstrata Plc’s second-largest shareholder, will vote for a $31 billion bid for the mining company by Glencore International Plc, boosting the likelihood the year’s biggest takeover will succeed.
Qatar Holding LLC may study softening its demand for a higher offer for its shares in Xstrata Plc from Glencore International Plc as the fund’s paper loss on the proposed takeover has evaporated, said Liberum Capital Ltd.