Spanish energy giant bids to become world leader

26th May 2005, Comments 0 comments

26 May 2005, MADRID — Spain's biggest energy company Repsol-YPF said it expected a decision next week on a possible joint bid for Royal Dutch/Shell's Liquefied Petroleum Gas (LPG) operations.

26 May 2005

MADRID — Spain's biggest energy company Repsol-YPF said it expected a decision next week on a possible joint bid for Royal Dutch/Shell's Liquefied Petroleum Gas (LPG) operations.

"We're in talks with various groups, including CVC (CVC Capital Partners), but nothing's been decided yet," a Repsol-YPF spokesman said, adding: "We're hoping for a decision next week."

The Spanish business newspaper Expansion reported Repsol-YPF and CVC Capital Partners were finalising the creation of a joint venture to bid for Shell's LPG operations in a deal valued at EUR 2.5 billion.

No one at CVC was available to comment.

Expansion reported 10 days ago that Repsol was studying proposals from six potential co-bidders — CVC, Apax, PAI, Permira, Charterhouse and Blackstone.

A takeover of the Anglo-Dutch company's unit would make Repsol-YPF the world leader in LPG, with annual sales of 7.3 million tonnes.

Its unit Repsol Butane is the third-largest GLP company in the world, after Shell's LPG and French company Primagaz, the newspaper said.

[Copyright EFE with Expatica]

Subject: Spanish news

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