Norwegian Lawmakers Question Wealth Fund's $1.6B Formula One Deal

Norwegian parliamentarians said on Friday that Norway's $850B sovereign wealth fund, the world's largest, "must answer questions on its acquisition of a stake in Formula One," according to Dagenborg & Knudsen of REUTERS. The fund, which invests Norway's oil and gas revenues, bought a $1.6B stake in F1 in May '12, together with investors BlackRock and Waddell & Reed. The call by politicians "comes after the newspaper Dagens Naeringsliv questioned whether the fund violated its mandate by making the deal." The fund "can only buy a stake in an unlisted company if the company plans an initial public offering." After the deal was made, a planned F1 IPO "was cancelled" (REUTERS, 3/7).