Spain: Report Links Sinopec to Repsol Stake
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Tuesday, 20 December 2011 |
The Financial Times has reported that Sinopec is weighing a €2.7bn investment to acquire part of Sacyr’s shares in Repsol. Sacyr, which currently owns 20% of the Spanish global oil company, is looking to sell part of its holding in the company ahead of Wednesday’s deadline for refinancing a loan linked to the purchase.
According to the Financial Times report, which cites “people familiar with the talks”, Sacyr has approached two possible buyers for a quick sale. Sinopec and an unnamed South American group are the two possible buyers, says the report, adding that Repsol’s management has offered to assist in any sale.
Sacyr will likely absorb a loss on its investment: Repsol closed at €20 per share on Friday, down from the €26.70 per share average it paid to buy into the company. Sources cited by the newspaper also noted that a deal was unlikely to be completed by Wednesday, but that sufficient progress may ensure an extension of the deadline.
PetrolWorld 20122011
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