Spain: Repsol Seeks Enquiry into Trading of Shares
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Wednesday, 12 October 2011 |
Spanish oil firm Repsol has requested that the local market regulator investigate what it says was suspicious trading of its shares shortly before Pemex and Sacyr agreed to join their voting rights to seek changes in the company’s management. In the period leading up to the move, Pemex nearly doubled its stake in the company to 10%.
Repsol has written to the CNMV regarding what it considers to be abnormal activity during this period, highlighting an unusually high level of Repsol shares that had been lent out. The company says that, during a period beginning in late August, the number of its shares being lent out by institutional investors to other market participants was roughly 50% higher than during the second half of last year.
Pemex, which helped found the company in 1979, has joint with Madrid-based construction firm Sacyr in calling for Antonio Brufau to split his role of Chairman and Chief Executive.
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