LUKoil Interest for Stake in Repsol Remains
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Sunday, 15 March 2009 |
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Russian President Dmitry Medvedev spoke in positive terms about
LUKoil's proposal to buy a stake in Repsol ahead of a state visit to
Spain where the issue may be discussed.
Debt-laden Spanish builder Sacyr has discussed selling its 20 percent
stake in Repsol to LUKoil which is privately owned. A source close to
the talks said in January that the talks were on hold, but Medvedev
said he understood the companies were "still negotiating."
"Concerning the situation with LUKOIL and the offer to buy Repsol
shares which, as I understand, has been made: you know I, of course,
won't venture to comment on it in detail because after all, it is a
decision for two private companies," Medvedev said in an interview with
Spanish media ahead of his visit.
"As far as I understand, we are talking about not such a big stake, a
stake which is lower even than any so-called blocking stake, which
doesn't imply any essential influence on decision-making in the
company, but which makes it possible to be present in the market and to
show one's capabilities, participate in capital and so on," Medvedev
said.
The Russian leader criticized opposition to the deal as "harmful and
even stupid" because he said it relied on stereotypes of Russian
investment as a danger to national independence. "I would like to
repeat that we are interested in being present in the Spanish market,
while our Spanish partners are interested in being present in Russia,"
he added.
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