Spain: Sacyr-Pemex Alliance to Disolve – Report
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Monday, 24 October 2011 |
Sacyr Vallehermoso officials have met with Repsol following the firing of chairman Luis del Rivero. According to local newspaper El Confidencial, Sacyr’s new Chairman, Manuel Manrique, assured Repsol Chairman Antonio Brufau that the company’s alliance with fellow shareholder Pemex is over.
Del Rivero’s confrontational approach to Repsol, which saw Sacyr demanding increased dividends from its 20% stake in the company, is widely reported as a dominant factor in the board’s decision to oust him. Under del Rivero’s stewardship, Sacyr also aligned itself with Mexican state-owned oil firm Pemex, which doubled its stake in Repsol during August.
PetrolWorld 24102011
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