Repsol: Sacyr, Pemex Deal Excludes Majority of Shareholders
MADRID (Dow Jones)
Spain's Repsol YPF SA (REP.MC) said Tuesday that it will seek to ensure that the interest of all shareholders is met after two of its top shareholders joined forces to control close to 30% of the voting rights at the oil firm.
As with previous attempts by Sacyr to sell a stake in Repsol to Russia's Lukoil Holdings (LKOH.RS), the Spanish oil company "will ensure that the interest of all shareholders is met, particularly in light of an agreement that excludes a majority of shareholders," Repsol spokesman Kristian Rix said in an emailed statement.
As part of an agreement disclosed late Monday by Spanish construction firm Sacyr-Vallehermoso SA (SYV.MC), Mexican state-owned oil company Petroleos Mexicanos will increase its Repsol stake to 9.8% from 4.8%, and vote together on key company issues with Sacyr.
The two companies said they want to split the chairman and chief executive roles, which are now both held by Antonio Brufau. Brufau has the backing of Catalan lender Caixabank SA (CBNK.MC), Repsol's second-largest shareholder with a stake of about 12%.
In 2008, Sacyr, owner of about 20% of Repsol, sought to sell Repsol shares to Lukoil as part of an effort to cut down on debt.Copyright (c) 2011 Dow Jones & Company, Inc.