Norges Bank takes stake in BHP past 5%

Norway's sovereign wealth fund took its stake in Australia's BHP past 5% despite recently airing its reservations about the group's activities in coal.

In a statement published after the close of trading on 17 July, the Australian mining and oil group disclosed that, on 15 July, Norges Bank Investment Management had raised its stake in the firm's capital from 4.06% to 5.01%.

The timing of the decision caught some investors by surprise because as recently as May, Norges Bank had placed BHP on an observation list "after an assessment against the product-based coal criterion".