Qatari fund buys into French utility group Veolia
A Qatari fund is buying a 5 per cent stake in French utility giant Veolia in a partnership to develop joint projects in the Middle East and North Africa, Veolia said in a statement today.business Updated: Apr 16, 2010 15:08 IST
A Qatari fund is buying a 5 per cent stake in French utility giant Veolia in a partnership to develop joint projects in the Middle East and North Africa, Veolia said in a statement on Friday.
The value of the stake being bought by Qatari Diar, a subsidiary of Qatar's sovereign wealth fund QIA, would be around 646 million euros (874 million dollars), based on an AFP calculation using Veolia's share price on Thursday.
The deal will lead to "common projects in the infrastructure and public services sector in the Middle East and North Africa" and could be extended to other countries in which the Qatari fund has a presence, Veolia said.
Qatari Diar will also be appointed to Veolia's board of directors, subject to approval at the French giant's annual shareholders meeting on May 7.
Veolia has 310,000 employees around the world and operates in four sectors: water management, waste management, energy management and transport.
In 2009, the company had a revenue of 34.5 billion euros.
Qatari Diar is part of the Qatar Investment Authority and is a big player in the global property market, with investments of more than 60 billion dollars.