Kuwaiti Investment to Rival LUKoil Bid for Repsol
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Tuesday, 09 December 2008 |
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The Kuwait Investment Authority could rival LUKoil bid to buy a
20% stake in Spanish oil company Repsol YPF according to Spanish media.
Repsol shareholder Spanish builder, Sacyr Vallehermoso SA, is also
reported to be considering other proposals after Russia’s largest
independent crude producer first signaled it was interested in
acquiring the Repsol stake.
In late October Sacyr, whose share price has dropped by almost 70% this
year following the credit crunch, received a proposal from China’s CNPC
to buy a 20% stake in Repsol. Earlier it was reported that LUKoil had
applied to several Spanish banks for a €5.2 billion loan to buy the
Repsol stake.
LUKoil is seeking to buy around 30% in Repsol YPF, Spain’s largest
private oil and gas company, in a deal worth some €5.09 billion, with
20% held by Sacyr and 9.9% by La Caixa and Caixa Catalunya.
PetrolWorld 051208
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