Repsol has agreed to sell a 3.83% stake of YPF

abarrelfull wrote on 14 Mar 2011 22:32
Tags: deals repsol

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Repsol has agreed to sell a 3.83% stake of YPF to Lazard Asset Management and other investment funds for $639 million.

Both transactions have been agreed at a price of $42.4 per share.

Lazard Asset Management will acquire for $484 million a total of 2.9% of YPF for a number of its clients*, while a further 0.93% will be acquired by other investors for a total $155 million.

At the end of last year, Repsol agreed the sale of 3.3% of YPF for $500 million to funds managed by Eton Park Capital Management, Capital Guardian Trust Company and Capital International, Inc.

Additionally, shares of YPF totalling 1.06% of the company have been sold on the stock markets in the last few months.

Following the latest transactions, YPF’s shareholding structure is as follows: Repsol Group (75.9%), Petersen Group (15.46%) and 8.64% free float.

This deal is part of Repsol’s strategic aim to rebalance its global assets portfolio as laid out in the Horizon 2014 plan, allowing new shareholders into YPF.

Notes:

• Repsol has granted Lazard Asset Management, on behalf of its clients, non-transferable put options to sell the acquired stock at the same price of $42.4/share, subject to adjustments in accordance with certain customary anti-dilution provisions, in proportion to the amount by which the same exceed 20% of YPF’s public float six months after the sale.

• Repsol has agreed to sell a 3.83% stake of YPF

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