Pemex Secures Close to 10% Stake in Repsol
MADRID (Dow Jones Newswires), Sep. 2, 2011
Repsol said Friday that Mexico's state-owned oil company has purchased an additional 4.62% stake in the company.
The purchase nearly doubles Petroleos Mexicanos SA's ownership in Repsol to around 9.4%, and comes as Pemex carries out an agreement with fellow Repsol shareholder Sacyr Vallehermoso to vote together in an attempt to exert more control over the Spanish oil firm's board.
The purchase of 56.4 million shares would be worth EUR1.12 billion at Repsol's closing price of EUR19.8 on Friday.
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