Total to sell stake in CEPSA

By OGJ editors
HOUSTON, Feb. 16
-- Total SA will sell its share of Spanish oil company Cia. Espanola de Petroleos SA (CEPSA) to IPIC, a wholly owned unit of Emirate of Abu Dhabi.

Total is implementing its goal, said the company, of reducing its exposure to European refining. The sale is for all of its nearly 49% stake in CEPSA, Spain’s second largest oil company with refining capacity of 528,000 b/d, a network of about 1,750 service stations in Spain and Portugal, and hydrocarbons production of about 55,000 b/d. Previously, IPIC owned slightly more than 47% of CEPSA.

Total’s announcement said the sale will occur as part of a public takeover bid for all share capital of CEPSA that IPIC has filed with the Spanish securities commission CNMV. IPIC will offer €28/share of CEPSA and a dividend of €0.50/share paid to existing shareholders. Total will receive about €3.7 billion.

Only last week, Chevron Corp. agreed to sell its Spanish fuels, finished lubricants, and aviation business to CEPSA (OGJ Online, Feb. 7, 2011).

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