04 Mar '13, 4pm

Repsol sells 5 percent of itself to Singapore’s Temasek

Leading Spanish oil company Repsol on Monday said it had sold a 5.04 percent stake it held in itself in the form of treasury stock to Singapore sovereign fund Temasek for 1.036 billion euros. “The agreement comprises the purchase of 64.7 million Repsol shares from the company’s treasury stock, at 16.01 euros per share,” Repsol said in a statement to the National Securities Commission (CNMV). The sale price was at a discount of around 2 percent to Repsol’s closing price on Friday 16.29 euros. The transaction converts Temasek into the fourth biggest shareholder in the Spanish oil firm with a 6.3-percent stake. “An investor as significant and prestigious as Temasek we regard as important international backing of our growth strategy,” Repsol Chairman Antonio Brufau said. Repsol acquired 10 percent of itself at the end last year from the creditor banks of Spanish builder Sacyr-...

Full article: http://elpais.com/elpais/2013/03/04/inenglish/1362413991_...

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