Spain's Caixabank may sell Repsol energy stake: interview

10th April 2015, Comments 0 comments

Spanish lender CaixaBank may sell its nearly 12 percent stake in oil giant Repsol, its chairman was quoted as saying Friday, signalling a further step in recent energy sector consolidation.

"We may decide to sell the stake in Repsol," which is solid but "not strategic", the Financial Times quoted the bank's chairman Isidro Faine as saying.

Barcelona-based Caixabank is reputed to hold the biggest portfolio of industrial shares in Spain.

One possibility is that Caixabank could sell the stake to its parent company Criteria with a view to listing the latter on the stock market, a spokesman for the bank told AFP.

Shares in many energy companies have taken a hit as oil prices have fallen by as much as 60 percent from last year do to global oversupply, with some experts expecting a wave of consolidation due to lower valuations.

Shares in Repsol have fallen by about 9 percent from a peak last year.

Royal Dutch Shell announced on Wednesday plans to snap up British gas company BG Group for 47 billion pounds (65 billion euros, $69 billion).

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© 2015 AFP

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