Repsol says wants to sell up to 15 percent of Argentine unit
Spain's biggest oil company, Repsol, has filed a request with the US Securities and Exchange Commission to be able to sell shares representing as much as 15 percent of its Argentine unit YPF SA on the stock market, the company said Thursday.
The sale would be for a maximum of 58,996,919 shares or the equivalent in American Depositary Shares, representing 15 percent of YPF's voting rights and capital, Madrid-based Repsol said in a regulatory filing.
The request will give Repsol a "flexible framework" to sell the shares and the exact number, timing or mechanism used will be determined at a later date, it added.
Repsol currently owns 82 percent of YPF. Argentine group Petersen has just over 15 percent with the rest floated on the stock market.
Reducing its stake in YPF would provide Repsol with funds to invest in other markets with less mature fields such as Brazil, Sierra Leone and the Gulf of Mexico where it has unveiled new finds in recent years.
© 2010 AFP