Repsol carried out plans as expected and in hardly 20 days closed a deal that took Sacry more than three months: sell off a part of their shares to institutional investors and take in some serious cash.
Repsol, a major Spanish petroleum company, initiated an accelerated deal among investment funds in order to shed 5% of its capital in an initial phase. A total of 61 million euros in shares will be sold, which equals have of the capital that remained after Repsol rescued Sacry from debt trouble.
The most recent deal was managed by BBVA, Deutsche Bank, Goldman Sachs, JP Morgan and UBS. Together these firms received the entirety of the 5% and today will give more details about the deal.
Repsol is keeping another 5% of its capital, which it could place sometime in the future, although they would have to wait at least three months to execute a similar deal. This situation would be possible considering that Repsol wants to shed at least 10% of its capital during a span of no more than six months. Sources consulted on the deal are not ruling out a sale conducted through agreements with other institutional investors that show interest during this period of time.
With Repsol's deal in mind, Pemex is keeping the door open in case they want to increase their stake, but in light of the endless speculation on agreements that fall through, reducing their involvement is increasingly a safe option.