Saudi Arabian prince buys a bite of Apple

A Saudi Arabian prince has announced that he has acquired over 5% of the shares of Apple Computer. Prince Alwaleed BinTalal Bin Abdulaziz Al Saud said in a statement that he purchased the shares on the open market over the last several weeks at a total cost of US$115 million.

A Saudi Arabian prince has announced that he has acquired over 5% of the shares of Apple Computer Inc.

Prince Alwaleed BinTalal Bin Abdulaziz Al Saud said in a statement that he purchased the shares on the open market over the last several weeks at a total cost of US$115 million.

"I believe there is serious potential for Apple to provide large returns to its stockholders once again, as it did in the past," Prince Alwaleed said in the statement.

The noble said he will closely monitor the steps taken to improve returns to Apple stockholders by Apple's current management or by others such as Oracle chairman and CEO Larry Ellison, who last week raised the possibility of a takeover bid for Apple.

Prince Alwaleed's previous international investments include substantial stakes in Citicorp, luxury hotel chains such as the Four Seasons Regent, the Disneyland theme park in Paris and entertainment businesses jointly owned with U.S. entertainer Michael Jackson.

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