An investment company that is owned by the Persian Gulf emirate of Qatar purchased almost 6.6 million shares of the American diamond company Tiffany's for around $437 million, Rough & Polished reported. The transaction made Qatar a 5% shareholder in the company.
Although the deal became part of the public record earlier in 2012 thanks to a regulatory filing by Tiffany's, knowledge of the transaction only became more widely known in the last week after the Financial Times reported on it.
Qatar Holding, the investment group that made the purchase, is owned by the Qatar Investment Authority. Qatari officials have not yet commented on the record regarding the Tiffany's transaction, which may be Qatar's first serious foray into the U.S. market. In Europe, the Qatari state owns Harrod's department store in the United Kingdom and part of the Louis Vuitton group in France.