Spain: Repsol Requests Regulator To Review Sacyr-Pemex

 Repsol YPF SA  has announced that it has requested asked Spain's energy regulator to review whether a pact between two of its largest shareholders would give a non-European company significant influence over a local company involved in regulated services such as natural gas distribution.

Repsol requested that the National Energy Commission ask Mexico's state oil company Petroleos Mexicanos, or Pemex, to seek authorization for its shareholder pact to pool its votes with Spanish construction firm Sacyr-Vallehermoso SA and together seek more influence on the Spanish oil firm's board, a spokesman for the company said.

Pemex and Sacyr, which together control almost 30% of Repsol, said in announcing their pact last week that Repsol should separate the chairman and chief executive roles currently held by Antonio Brufau. They also want Repsol to take measures to enhance the company's valuation in the market, including boosting shareholder remuneration.

PetrolWorld 050911

5th Sep 2011: Pemex & Sacyr Form Pack