Lukoil Set to Become Largest Stakeholder in Repsol

The deal under consideration for the 20% of shares in Repsol owned by construction company Sacyr Vallehermoso, is in reality being drawn up by the company’s creditors led by Santander and La Caixa. The two Spanish banks are prepared to put up the money for Lukoil if they proceed at a price of 28 € per Repsol share, double the amount it has been trading on the market of late. Most of this money is, in effect Sacyr debt.

Lukoil is reported to want an additional 9.9% of Repsol and it could pick those shares up, for about 3.2 billion €, from any of the current shareholders, La Caixa, Caixa Catalunya and Mutua Madrileña.

Reports indicate that if the deals go ahead the Russians will have between four and 16 members on the Repsol board, but they would accept the premise that Repsol continues to be a Spanish firm. It would mean the pacific entry of the Russians into the energy market in Europe.

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