China buys stake in Heathrow operator
on 01/11/2012 08:34:19
China Investment Corp (CIC) gave no financial details on Thursday but Ferrovial, the Spanish company which owns 49.99% of Heathrow Airport Holdings, said the fund paid other shareholders a total of $725.8m (€559m) to acquire its stake.
CIC was created in 2007 to manage a portion of China's multitrillion-dollar foreign reserves in hopes of earning a higher return.
Its early investments were mostly small stakes in publicly-traded companies to avoid stirring political opposition abroad but the fund has begun making bigger direct investments.