Spain's Stock Market Regulator Halts Trade In Repsol, Sacyr
20 December 2011 - 7:15PM
Dow Jones News
Spain's stock market regulator Tuesday suspended trade in the
shares of oil major Repsol YPF SA (REP.MC) and its top shareholder,
Sacyr-Vallehermoso SA (SYV.MC), amid press speculation that Sacyr
may sell part of its Repsol stake.
The regulator didn't give a reason for the suspension, or say
when it will be lifted.
Late Monday, state-owned news agency Efe reported that at least
85% of Sacyr's creditors are willing to refinance a EUR4.9 billion
loan used by the cash-strapped construction company to buy its
Repsol stake.
As part of the refinancing deal, Sacyr is considering selling
8%-10% of Repsol to an industrial partner or even to Repsol
itself.
According to recent press reports, other potential buyers are
China Petroleum & Chemical Corp. (SNP), or Sinopec, India's
Essar Energy (ESSR.LN), Colombia's Ecopetrol (EC), Italy's Eni SpA
(E), as well as Arab funds such as Qatar Holding.
-By David Roman, Dow Jones Newswires, +34 91 395 8127;
david.roman@dowjones.com