Sovereign Wealth Fund

Qatari fund owned by former Qatar Investment Authority CEO buys Heritage Oil for $1.6 billion

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British oil company Heritage Oil HOIL. agreed a 924 million pound ($1.6 billion) takeover offer from a fund owned by the former chief executive of Qatar's sovereign wealth fund. Heritage, whose main oil production is in Nigeria, said on Wednesday it was recommending a 320 pence per share cash offer, which represented a 25 percent premium to its closing price the day before the approach was announced.