Qatar sovereign wealth fund sells $417m stake in Tiffany

Qatar Investment Authority sold 4.4 million shares in a block sale via Morgan Stanley
Qatar Investment Authority sold 4.4 million Tiffany & Co shares in a block sale via Morgan Stanley. Photo by Chris Hondros/Getty Images
By Bloomberg
Thu 14 Sep 2017 11:38 AM

Qatar’s sovereign wealth fund sold a block of shares in Tiffany & Co valued at as much as $417 million as the gas-rich nation’s standoff with neighboring countries exceeds 100 days.

The Qatar Investment Authority sold 4.4 million shares in a block sale via Morgan Stanley, according to a statement provided to Bloomberg by the US bank on behalf of the holder. The fund will still hold a stake of 9.5 percent after the sale through subsidiary Qatar Holding USA LLC, according to the statement. The shares were offered at $94.4-$94.75, a person familiar with the process said.

Saudi Arabia, the UAE, Bahrain and Egypt severed diplomatic and transport links with Qatar on June 5, accusing the nation of supporting Sunni extremist groups and Iranian-backed militants. Qatar has repeatedly denied the charges. The dispute pits U.S. allies against each other in a struggle over political dominance in a region that controls about a fifth of global oil supplies.

Qatar’s wealth fund has injected almost $40 billion, out of total reserves of $340 billion, to support its economy and financial system during the first two months of the crisis, according to Moody’s Investors Service. It also led to capital outflows from Qatari banks of about $30 billion in June and July, Moody’s said.

The fund in August reduced its direct shareholding in Credit Suisse Group AG to 4.94 percent in one of its rare sales of the Swiss bank’s stock, and last week sold almost all of a stake in Rosneft PJSC that it acquired in December.

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