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| Version 3 | Version 4 |
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| Barclays shares hit by stake sale | Barclays shares hit by stake sale |
| (about 12 hours later) | |
| Shares in Barclays have fallen 13.5% after news that one of the largest Middle Eastern investors in the firm sold a stake worth about £3.5bn. | |
| Abu Dhabi firm International Petroleum Investment Company (IPIC) sold 1.3 billion Barclays' shares, making a £1.5bn profit, according to Reuters. | Abu Dhabi firm International Petroleum Investment Company (IPIC) sold 1.3 billion Barclays' shares, making a £1.5bn profit, according to Reuters. |
| In 2008, Barclays raised £7bn from Middle East investors to avoid using government funds to boost its finances. | In 2008, Barclays raised £7bn from Middle East investors to avoid using government funds to boost its finances. |
| But shareholders were unhappy, saying the move had diluted their stakes. | But shareholders were unhappy, saying the move had diluted their stakes. |
| Barclays shares closed down 42.75p, or 13.5%, at 273.5 pence, the biggest loser among the FTSE 100 index of leading shares. | |
| Of the £7bn raised last year by Barclays, £5.8bn came from Abu Dhabi and Qatar investors. | Of the £7bn raised last year by Barclays, £5.8bn came from Abu Dhabi and Qatar investors. |
| Late on Monday, IPIC - which is owned by the Abu Dhabi government - said it intended to sell Barclays' convertible notes equivalent to 1.3 billion shares. | Late on Monday, IPIC - which is owned by the Abu Dhabi government - said it intended to sell Barclays' convertible notes equivalent to 1.3 billion shares. |
| On Tuesday traders said the shares were placed at about 267p each. | On Tuesday traders said the shares were placed at about 267p each. |
| "The decision to dispose of some of its interests in Barclays reflects the focus of IPIC's long-term investment strategy on hydrocarbon-related opportunities," said IPIC managing director Khadem Al Qubaisi. | "The decision to dispose of some of its interests in Barclays reflects the focus of IPIC's long-term investment strategy on hydrocarbon-related opportunities," said IPIC managing director Khadem Al Qubaisi. |
| "The Emirate of Abu Dhabi intends to maintain a close commercial and strategic relationship with Barclays in the future," he said. | "The Emirate of Abu Dhabi intends to maintain a close commercial and strategic relationship with Barclays in the future," he said. |
| IPIC also said it would look into selling £1.25bn-worth of another type of investment in Barclays. | IPIC also said it would look into selling £1.25bn-worth of another type of investment in Barclays. |