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Spain will not block Lukoil bid for Repsol stake: Zapatero
MADRID
Petroleumworld.com, November 21, 2008Spanish Prime Minister Jose Luis Rodriguez Zapatero left the door open Thursday to the acquisition by Russian private oil group Lukoil of a stake in the Spanish-Argentine company Repsol.
"The government must be respectful of the interests of the company and possible negotiations on the integration of other partners," he told a press conference, adding it would be "good" if the firm remained in Spanish hands.
Press reports in Spain have said Lukoil is negotiating to acquire a stake of nearly 30 percent in Repsol which is estimated to be worth nearly nine billion euros (11 billion dollars).
Contacted by AFP in Moscow, Lukoil declined to comment on the reports.
Zapatero's comments contrasts with the opposition expressed last week by Madrid to the possible acquistion by Russian state-owned gas monopoly Gazprom of a 20 percent stake in Repsol which heavily endebted Spanish builder Sacyr Vallehermoso is considering selling.
Russian Deputy Prime Minister Alexander Zhukov was quoted as saying that Gazprom was interested in acquiring the stake in Repsol, which has a strong presence in Latin America. Gazprom later denied any interest in Repsol.
Zapatero stressed that Lukoil is privately owned as he tempered comments made earlier Thursday by Industry Minister Miguel Sebastian, who said the government would do "everything possible" to ensure Repsol "remained Spanish and independent".
"We are talking about a private company whose main shareholder is American," he said, referring to ConocoPhillips.
The Spanish government will ensure that talks regarding the possible entry of new shareholders into the firm "provide favourable results for the strategic interests of Spain and a company like Repsol," said Zapatero.
Saycr said last week that since September 12, when it made known its interest in selling its stake in Repsol, it has had "several contacts with possible investors, with no agreement having yet been reached."
Repsol's second-largest shareholder, Spanish savings bank La Caixa, said Thursday that it was also open to selling its stake of 14.2 percent in Repsol.
If a deal with Lukoil were struck, it would make the Russian firm the largest shareholder in Repsol, which reported a 5.8 percent fall in third-quarter profits to 699 million euros.Under Spanish takeover law, a shareholder must launch an offer for the whole company once it passes the 30 percent threshold.
Lukoil is seeking to buy just 29.9 percent of Repsol to avoid launching a takeover bid for the whole firm, which Madrid would not welcome, conservative daily newspaper ABC reported.
Shares in Sacyr closed up 13.23 percent at 7.36 euros while Repsol shed 2.51 percent to close at 13.60 euros, in line with the 2.72 percent drop in the Ibex-35 index of most-traded shares.
Story from AFP
AFP 20 1746 GMT 11 08
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