Repsol is planning a swift sale of Gas Natural, a natural gas distribution company. The oil company currently owns 30% of Gas Natural. Repsol CEO Antonio Brufao knows that he needs to convince La Caixa that doing this deal is a smart move, because the bank owns 35% of Repsol.
Repsol and La Caixa have signed a bilateral agreement known in Spain as a pacto parasocial that requires them to maintain set ownership levels. Repsol's desire to divest of Gas Natural has nothing to do with the latter's health, which is good.
Repsol is selling because Shell sold its shares in Gas Natural Licuado, and now it cannot take advantage of synergies with Gas Natural. If Repsol can reach an agreement with La Caixa, it could severe their relationship because now that relationship wil not make any sense.
