The takeover of oil firm BG Group by behemoth Royal Dutch Shell is facing further investor woes.
US fund management firm Capital Group sold £417m of BG shares in December stock exchange filings reveal. Capital Group, also a big investor in Shell, is the latest fund manager to appear sceptical about the deal, which was agreed in April when oil was trading at $55 per barrel.
The price of a barrel of Brent crude oil has since fallen to less than $40.
Last month David Cumming, head of equities at Standard Life Investments, said the deal did not make “financial sense” with the price of oil so low.
In November last year the Qatar Investment Authority sold £1bn worth of shares in Shell and BG. Analysts have expressed concerns that if the oil price continued to fall the deal could be in jeopardy.
Shareholders are due to vote on the tie up on 27 and 28 January.