2023 Author: Eric Donovan | [email protected]. Last modified: 2023-05-21 15:44
The Norwegian state oil fund has invested in the Swedish commercial vehicle manufacturer Volvo. The Norwegians are now the second largest owner and hold 4.7 percent of the shares.
The Norwegian state oil fund bought massive shares in the Swedish commercial vehicle manufacturer Volvo AB in the winter and is now the second largest owner there, according to media reports. The Stockholm business paper "Dagens Industri" reported on Tuesday, citing the share information service SIS Ägerservice, that the fund has taken over the majority of Volvo shares from Renault in France.
With a stake of 4.7 percent, the fund is now the second largest shareholder after the Swedish financial company Industrivärden.
Largest state finance fund
The oil fund is financed with income from Norway's oil and gas reserves and is considered to be the largest state finance fund in the world. It is intended to secure pension entitlements for future generations in the Scandinavian country. At the end of last year, the car manufacturer Renault had sold its 6.5 percent stake in Volvo AB for the equivalent of just under 1.5 billion euros. The French had wanted to increase their own financial situation by selling their shares. (AG / dpa)