Giant Dutch pension fund ABP sells Caterpillar bulldozer stake
Dutch civil service pension fund ABP has sold its shares in US machine maker Caterpillar, a stake valued at some €387 million, broadcaster NOS said on Wednesday.
Caterpillar has been under considerable pressure because of its continued sale of bulldozers to Israel, where they are used to demolish Palestinian homes and other property.
ABP, one of the biggest pension funds in the world, declined to comment on the sale, citing “competition sensitivities”. However, NOS said, Caterpillar no longer features in the new list of fund investments which was published on Tuesday.
The fund introduced a new investment strategy last year which includes a focus on socially responsible investing. The United Nations also warned Caterpillar last year that it could be held guilty of breaching human rights if it continued to export bulldozers to Israel.
Norway’s state wealth fund sold its stake in Caterpillar in August, citing the use of its bulldozers to destroy Palestinian property in Gaza and the West Bank.
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