Spain: Sacyr May Scale Down Repsol Stake to Finance Loans, says Spokeswoman
|
|
|
|
Thursday, 03 November 2011 |
Spanish builder Sacyr may reduce its holding in oil firm Repsol by up to 5% to refinance its loansm according to spokeswoman Teresa Moran. The company, which is currently negotiating with banks as a December deadline to repay a €4.9bn loan draws near, currently holds 20% of Repsol.
Sacyr had previously partnered with Mexican firm Pemex in a pact to seek changes in Repsol’s management and larger dividends to improve its own cash flows. However, company Chairman Luis Del Rivero was ousted last month, signalling a change of course for the company.
According to Moran, Del Rivero’s replacement Manuel Manrique enjoys the support of Repsol Chairman Antonio Brufau and fellow shareholder La Caixa. “We are all rowing in the same direction now,” she said in an interview with financial site Bloomberg. “The priority at the moment for Sacyr is to resolve the refinancing.”
PetrolWorld 02112011
|
