Banco Santander has agreed to sell its 32.5% stake in Spanish oil company Cepsa to Abu Dhabi state-owned International Petroleum Investment Company at a price of E33 per share.
Banco Santander and the International Petroleum Investment Company (IPIC) expect Union Fenosa to offload its 5% stake in Cepsa to IPIC on the same terms.
Following the finalisation of these acquisitions, IPIC will hold approximately 47% of Cepsa, becoming its second largest shareholder after French energy giant Total.
Closing of the transaction is subject to a number of conditions, including obtaining required regulatory approvals and financing for the transaction.
Khadem al Qubaisi, IPIC’s managing director, said. IPIC is delighted to increase its participation in Cepsa, an important company in the Iberian energy sector. Following completion of these acquisitions, IPIC will endeavor to play an active and constructive role in Cepsa’s development.
Alfredo Saenz, Banco Santander’s CEO, said: The holding in Cepsa was the last of a series of industrial stakes Banco Santander has sold in recent years in order to focus exclusively on its core retail and commercial banking activities.
