Spain: Cepsa Stake Sold to IPIC
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Wednesday, 25 March 2009 |
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Total Oil Remains the largest stakeholder in Cepsa as Santander & Fenosa Sell their 36% stake to Abu Dhabi fund IPIC,
Spain's Santander Bank and Union Fenosa electricity utility firm are
finalising the sale of their 36 percent of oil company Cepsa to
Abu Dhabi fund IPIC at 33 euros per share, Expansion reported on
Tuesday without citing sources. That would value Cepsa at
€8.83bn, making Santander's stake worth €2.74 billion and Fenosa's €441
million.
Expansion added that investment bank Rothschild was advising on the
sale. Last year, talks between the two Spanish firms and IPIC broke
down over price differences. At that time, Santander and Fenosa were
reportedly looking for between 45 and 55 euros per share.
Cepsa is Spain's second-largest oil company after Repsol YPF and is 48 percent controlled by Total Oil.
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