Mexico's Pemex Ends 25-Year Partnership With Repsol

Shares in Repsol were down 3.62 percent at 20.11 euros at 1507 GMT, hovering around the price of the placement.

Pemex Chief Financial Officer Mario Beauregard said the company would look to sell its remaining shares in due course. "Once this financing is complete, we'll look for the best market conditions to get rid of the remaining position," he said.

The plan was to sell the shares in August, Beauregard said, confirming what company sources had earlier told Reuters.

Pemex said it would remain open to making investments in other companies if opportunities arose.

No Tears

Repsol analysts welcomed the departure of Pemex, saying it should help ease boardroom tensions at Repsol and allow the Spanish group's chairman, Antonio Brufau, to focus on acquisition plans.

"We believe that this gives Repsol management a free rein to decide on the next strategic steps for the company," Exane BNP Paribas analyst Alejandro Demichelis said.

Repsol has raised $6.3 billion from its exit from Argentina after that country seized the oil major's YPF unit in 2012. It could spend part of the funds boosting growth at its upstream business, with a search for cash-generating oil assets.


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