Repsol sells stake in Argentine subsidiary

14th March 2011, Comments 0 comments

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

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