"Norway’s oil fund sells Caterpillar stake over Israeli allegations", 26 August 2025

The world’s largest sovereign wealth fund has sold out of Caterpillar after its advisers alleged Israel was using the US construction equipment maker’s products to “commit extensive and systematic violations of international humanitarian law” by destroying Palestinian property.

Norway’s $2tn oil fund had been a top-10 shareholder in Caterpillar, holding 1.2 per cent in the world’s largest maker of construction equipment, worth $2.1bn at the end of June. The fund has now sold its complete holding...

The divestment of Caterpillar marks the first time the oil fund has sold out of a non-Israeli company because of actions in Israel and the Palestinian territories.

The fund sold out on the basis of a recommendation from the independent Council on Ethics, a body set up by Norway’s government to advise it on when to exclude companies from its portfolio for breaches of international law.

The Council said: “Bulldozers manufactured by Caterpillar are being used by Israeli authorities in the widespread unlawful destruction of Palestinian property.”

It added: “There is no doubt that Caterpillar’s products are being used to commit extensive and systematic violations of international humanitarian law. The company has also not implemented any measures to prevent such use.”

The fund also announced late on Monday night that it had sold out of First International Bank of Israel and its parent company FIBI Holdings, Bank Leumi Le-Israel, Mizrahi Tefahot Bank, and Bank Hapoalim, all for providing financial services necessary for the construction of Israeli settlements in the West Bank which are judged to be illegal under international law.

All six companies did not immediately respond to requests for comment late on Monday evening...