China's State Administration of Foreign Exchange, a state-owned investment fund, has built up a 1.6 per cent stake in Total, Europe's third-largest oil company. The stake has been acquired gradually over a period of months, and has been confirmed by Total in a press statement.
European Union nations are growing increasingly concerned by the
so-called sovereign nation funds, which are estimated to control
between USD2-USD3 trillion and are buying into blue chip companies in
key industry sectors. The EU has even lobbied for an international
accord to limit the influence of sovereign funds, and the U.S. Senate
is reviewing its tax policies for sovereign fund investments.
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