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.
Credit Suisse Group AG, the Swiss investment bank which advised Qatar on some of its most high- profile investments, said it’s gaining deals on merit and not because of the Gulf state’s status as a key shareholder.
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.