2nd UPDATE: China's CIC Isn't The Fund With A Total Stake
Monday April 14th, 2008 / 17h17
(Adds comment from CIC official.) PARIS -(Dow Jones)- China Investment Corporation (0612.HK), or CIC, isn't the Chinese public fund which has built up a stake in French oil major Total SA (TOT), an official for the sovereign wealth fund said Monday. Xiaoqing Bai, general director and spokeswoman at CIC, told delegates at a conference on Chinese investment at the French Senate that the Chinese body which took the stake isn't part of CIC. On the sidelines of the conference, Bai said she had heard - referring to a recent report in the Financial Times as the source - that the investment fund with the stake in Total is China's State Administration of Foreign Exchange. Total Chief Executive Christophe de Margerie has confirmed a Chinese public fund has built a stake of around 1.3%, but declined to name it. In other remarks made to the conference, Bai stressed CIC's strategy is to invest in a "long-term and passive" manner. "Our investments don't target taking control," she said. -By Adam Mitchell, Dow Jones Newswires' +33 1 4017 1740; adam.mitchell@dowjones.com
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