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Repsol Asks Watchdog to Probe Shareholders' Pact

Source: Reuters 9/5/2011, Location: Europe

Spanish oil company Repsol wants Spain's energy watchdog to look into a pact between two of its major shareholders, Mexico's Pemex and Spanish construction firm Sacyr , a spokesman said.

State oil monopoly Pemex boosted its stake in Repsol last week as part of a pact with Sacyr, in which the two shareholders plan to join forces and wield more influence on the Spanish concern's board and management. The spokesman said on Monday that Repsol had written to the National Energy Council (CNE) arguing the Sacyr-Pemex alliance would affect activities regulated by the watchdog.These include the transport and distribution of natural gas, because Repsol owns 31 percent of gas firm Gas Natural .

Spanish energy regulations require companies from outside the European union to request approval from the CNE if they acquire a stake which gives them "significant influence" in a firm engaged in regulated activities. A CNE spokeswoman said last week that the regulator did not intend to investigate the shareholders' alliance. Spanish securities regulator CNMV has not commented on the deal. Sacyr and Pemex now jointly hold about 29.8 percent of Repsol, just below a threshhold of 30 percent which would require them to launch a take-over bid under Spanish security regulations.

Repsol and Sacyr clashed in 2009 over dividend policy. Construction firm Sacyr is Repsol's biggest shareholder, with a stake of 20 percent, followed by CaixaBank with 12.98 percent, and Pemex on 9.8 percent.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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