It is twelve thirty in the morning on the Paseo de la Castellana. Repsol president Antonio Brufau welcomes Sacyr's new leader, Manuel Manrique, who is accompanied by his two vicepresidents Demetrio Carceller and Juan Abelló. All will try to fully solve the ongoing crisis between both companies.
In the recent meeting, the petroleum company and its primary shareholder utilized the time to draw up plan for Sacyr to divest its stake in Repsol in order to refinance the company and also resolve a conflict open since August 29, when the agreement with Pemex was initially announced.
Sacyr wants to poll the bank in order to find out how much money they should raise after Luis del Rivero's dismissal. Previously, a 2,500 fall forced them to sell up to 10% of the petroleum company.
Now, with the peace-making scenario and with Santander and Bankia in a better position makes it easier for the lenders to have their checkbooks ready, and the percentage of shares in the petroleum company that need to be sloughed off could be reduced. In fact, in the event that this is considered, it has been said that selling 3% is the best-case scenario and selling 10% is the worst.
