IPIC Spending Spree Rolls On

Hot on the heels of Abu Dhabi fund Aabar's investment in Germany's Daimler, March 31 saw the emirate's sovereign wealth fund (SWF) International Petroleum Investment Company (IPIC) agree to acquire a 32.5% stake in Spanish oil refiner Cepsa for EUR3.3bn (US$4.4bn). The deal will increase IPIC's stake to 47% from its current level of 9.5%, making it Cepsa's second-largest shareholder after Total. The move further underlines CFW's prediction that SWFs would continue to make investments in large western companies, especially in the infrastructure and energy space, after suffering loses from earlier investments in the financial sector.

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