Repsol sells stake in Argentine subsidiary
Spanish oil major Repsol Monday announced the sale of 3.83 percent of its Argentine subsidiary YPF to investment fund Lazard Asset Management and other investors for $639 millions (458 millions euros).
The deal values YPF at $16.68 billion (11.96 billion euros).
Lazard will take a 2.9 percent stake for $484 million (347 million euros), while other investors, which Repsol did not name, will buy 0.93 percent for $155 million (111 million euros).
Following the latest sale, Repsol will hold 75.9 percent of the Argentine group, but hopes to eventually reduce that to 51 percent.
© 2011 AFP