Repsol is negotiating a deal to sell 10% of the shares that it acquired from Sacyr yesterday to institutional investors. The petroleum company is trying to quickly shed these holdings and is having conversations with various investment funds that are ready to take on some of the assets themselves.
The deal, approved unanimously in an advisory meeting held last Sunday, is positive for the petroleum company, who just yesterday noted gains of 204 million euros with 10% in bought-back shares.
Repsol agreed with Sacyr's accrediting bank to buy 122 million shares for 21.06 euros each. That is to say, at a discount of 5%. At market close, its stock was valued at 22.73 euros per share.
The deal has been financed thanks to the savings the company has maintained (around 9 billion euros) and its intention is to sell quickly, because it is interested in freeing up cash in order to roll out projects geared toward "organic growth," which financial director Miguel Martínez said.
The director indicated that the bought-back shares would not receive a dividend and that the "insider knowledge" within the company and the sector would allow a more reasonable divestment. This was a loaded statement considering the fact that Sacyr was not able to close the deal while demanding institutional investors to pay a premium on the selling price. Martínez also said that there is a definite "risk" in keeping the bought-back shares for a long time if the perception that the group is capable of selling off its holding.
