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Norway Government Pension Fund Global takes Raytheon off exclusion list

Norway's Government Pension Fund Global, Oslo, has decided to include Raytheon Co. in its equity and fixed-income portfolios again, a spokesman confirmed.

The U.S. defense contractor and industrial corporation was excluded from the portfolio of the 7.5 trillion Norwegian kroner ($889.6 million) sovereign wealth fund in 2005 due to the production of cluster munitions, according to a news release. Raytheon has ceased its production of cluster munitions.

The executive board's decision to revoke the exclusion was made following a recommendation from the Council on Ethics, which assesses the basis for observation or exclusion for the fund, Norges Bank said in the release Wednesday. Norges Bank Investment Management runs the sovereign wealth fund.