Not just Japan(Sumitomo) dumping dollar denominated (GS) assets. Yes, all "big money" / "smart money" understands the US $ is overvalued. Gates - silver lead mining in Mexico, Buffet - silver bullion, Now this late "news" is broken to the public.
Wednesday August 8, 12:20 pm Eastern Time
Saudi prince sells Gillette, Coke, McDonald stakes
DUBAI, Aug 8 (Reuters) - Saudi billionaire Prince Alwaleed bin Talal has sold his stakes in fast-food giant McDonald's Corp (NYSE:MCD - news), soft drinks company Coca-Cola Co (NYSE:KO - news) and consumer products maker Gillette Co (NYSE:G - news), a spokesman said on Wednesday.
``They were sold in the second half of last year as part of the prince's trading portfolio,'' Amjed Shacker, public relations manager for the prince and his Kingdom Holding company, told Reuters.
``The prince realised a profit of $25 million at the time,'' he added, but declined to give further details.
The prince's company said in May last year that he had made new investments worth $1 billion in 15 U.S. companies, including Coca-Cola, McDonald's Corp and Gillette. It said his stakes in each of the firms amounted to $50 million.
Earlier this year the prince sold his entire stake in Donna Karan International Inc (NYSE:DK - news) at a loss shortly after the U.S. fashion design house agreed in April to be purchased by French luxury group LVMH Moet Hennessy Louis Vuitton .
The 44-year-old prince, a nephew of Saudi King Fahd and whose net worth is estimated at $20 billion, is known for his high profile international investments. He holds investments in media, banks, hotels, airlines, computers, autos, real estate and technology.
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