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Major shareholders selling Lundin

Published:
2012-04-26
Author:
Dagens Industri
Source:
Dagens Industri
City/Country:
-

Lundin Petroleum has been strongly criticised for its activities in Africa. Now two major shareholders are selling shares in the company. AMF Pension has disposed of almost half of its holdings, writes Dagens industri.

 

At the beginning of the year AMF Pension was the fifth largest shareholder in Lundin Petroleum, holding 7.1 million shares. But its holding has since been halved, and AMF Pension is now the eighth largest shareholder, writes Dagens industri.

 

At the same time, Lundin Petroleum has been strongly criticised for its business in Africa. Among other things, information has come to light that the company may have been involved in crimes against human rights in connection with oil extraction in Sudan.

 

But AMF Pension chief investment officer claims that the sale is nothing to do with the criticism. “As things stand now, the sale is not linked to the discussion of Lundin's possible responsibility in Africa. Lundin Petroleum was an amazing investment last year. From that level we saw a limited upside, and sold,” he says to Dagens industri.

 

AMF Pension is not alone in selling shares in the oil company. The major shareholder Robur has also substantially reduced its holdings. But in the same way Robur would not say that the criticism of Lundin has played any part in the sale, according to Dagens industri.

“But these are serious charges that are being levelled at Lundin Petroleum’s historical activities in Sudan. The company denies the accusations, but it is one person’s word against another’s, and it is important that this is investigated. For this reason, we support an independent enquiry,” says Marianne Nilsson, Head of Corporate Governance and SRI at Robur.