Spain: Local Media Speculates on Sale of Sacyr’s Repsol Stake
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Tuesday, 13 December 2011 |
Spanish local media have reported extensively on Sacyr’s efforts to sell some or all of its stake in oil firm Repsol, with some outlets reporting that a buyer will be identified imminently. According to local daily La Vanguardia, Sacyr will tell its creditors who will buy part of the company’s 20% holding this week. The details will be disclosed to creditor banks, the newspaper added, at a board meeting on December 15, where the Spanish builder will be seeking to arrange the refinancing of acquisition-related debt.
Separately, Expansion has reported that Sacyr has broached a deal with four different companies as it seeks to scale down its holding. The company said in November that it was prepared to sell at least part of its shares in Repsol to repay loans incurred in buying the stake.
PetrolWorld 13122011
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