Pemex & Sacyr Bid To Acquire Key Repsol Shareholding

 Spain's Sacyr-Vallehermoso and Mexico's Petroleos Mexicanos have joined forces in an attempt to acquire key shareholding of Repsol. Sacyr-Vallehermoso construction company chairman Luis del Rivero is launching a renewed attempt to acquire Repsol YPF, S.A., the world's 15th largest petroleum refining company.

In pushing its takeover bid, Sacyr-Vallehermoso, Repsol YPF, S.A.'s largest shareholder with 20 percent of its capital, has signed an agreement with Pemex, which holds 4.87 percent of the shares. According to a report submitted to Spain's Comision Nacional del Mercado de Valores stock exchange, Pemex will raise its stake in Repsol YPF, S.A. shares to 9.8 percent by the end of the month, so that with its partner Sacyr-Vallehermoso, they will jointly control 29.8 percent of Repsol YPF, S.A.'s outstanding stock.

According to the bilateral agreement, Sacyr-Vallehermoso and Pemex will syndicate their shares and vote together when significant decisions by Repsol Sacyr-Vallehermoso are considered.

PetrolWorld 030911