Norway's oil fund divests half EUR 1bn stake in VW following clashes: Doubles Danske Bank stake despite money-laundering

The biggest independent shareholder in Volkswagen has cut its EUR 1bn stake in the German car manufacturer following a decade-long fight over corporate governance issues and the aftermath of Diesel Gate.

Yngve Slyngstad, CEO at NBIM Norges Bank Investment Management. | Photo: NBIM

Norway’s big money reshuffles its equity portfolio. The sovereign wealth fund reduced its holding of Volkswagen (VW) from 1.32 percent in 2017 to 0.77 percent by the end of last year, writes Financial Times.

The fund has been the biggest independent voting share holder at VW for the past six years, the financial media notes. Yngve Slyngstad, the fund's CEO, declined to comment to Financial Times on the reasons for the divestment, in line with its policy of not commenting on individual investments.

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