Expatica news

Repsol sells further 5 pc of CLH to Deutsche Bank

20 December 2007

MADRID – Leading Spanish oil firm Repsol YPF said Wednesday it had sold another 5-percent stake in CLH, the country’s leading fuel storage and transportation company, to Deutsche Bank for EUR 176.5 million.

Repsol had previously sold an identical stake for the same price to the German bank. This time around, Deutsche Bank was acting on behalf of a subsidiary of Canada’s Public Sector Pension Investment Board and Alberta Investment Management.

In a statement to the National Securities Commission (CNMV), Repsol said it estimated it would make a capital gain from the sale of the two 5-percent stakes in CLH of EUR 290 million before taxes.

Repsol said the sale came under its policy of gradually offloading non-strategic assets. It said it now holds a 15-percent stake in CLH, which it considers "optimal."

Repsol reaffirmed its full support for CLH’s management and strategy, and said it would remain as one of its core shareholders and the logistics company’s main client.

Repsol shares closed yesterday down 0.37 percent.

[Copyright EL PAÍS, SL./ Adrián Soto 2007]

Subject: Spanish news