Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Friday, November 28, 2014  

Abu Dhabi to buy Spanish refiner Cepsa for $5b
MADRID/PARIS Abu Dhabi sovereign wealth fund IPIC is buying half of Cepsa from French oil major Total  for 3.7 billion euros ($5 billion), giving it control of the Spanish refining and marketing-focused group.  

IPIC, wholly owned by the government of Abu Dhabi, has a mandate to invest in the oil sector outside the emirate.  

The deal allows oil-rich Abu Dhabi to extend its refining capacity, while giving Total cash to invest in upstream developments.  

Total has been present in Spain for years through Cepsa and the sale of the stake immediately raised questions about the French oil giant’s strategy there.  

But it quickly dismissed speculation that it would use the money raised from the sale of its Cepsa holding to take control of Spanish rival Repsol by buying a 20 per cent stake from debt-laden builder Sacyr.  

“A takeover of Repsol would make no sense as this would go directly against our goal to reduce our European refinery capacities,” a Total spokesman said.  

Shares in Sacyr fell by nearly 5 per cent.   

IPIC, which already owns nearly half of the Spanish company, earlier launched a full bid for Cepsa at 28 euros per share, a 23 per cent premium to Tuesday’s close.  

Cepsa shares, which were suspended ahead of the announcement, reopened up 23.6 per cent at 28.19 euros.  

Reuters
NEWS UPDATES
Oman
Tourism meeting to highlight opportunities for investment
NCSI introduces new smartphone apps
Zubair SEC promotes members at forum
TSC ties up with ILM to train employees
Middle East
Libyan air force behind Tripoli strikes: Thinni
Unamid asked to shut human rights office in Khartoum
Iran MPs finally okays new science minister
Baghdadi militia gain foothold in Libyan town of Derna
Baghdadi militia gain foothold in Libyan town of Derna
Sisi to focus on Libya in France
Lebanese icon Sabah dies at 87
Business
S. Arabia, UAE unlikely to push for oil production cut
Opecís other issue: Weak demand
Nigeria devalues currency as weak oil hits fisc
Goldman, BASF and HSBC in dock over metals price fixing
ECB to decide on bond buys in Q1
HP revenue drops in Q4 on weak demand
India laggard state banks face tough sell on capital raising plan
Sports
Messi breaks record, Suarez breaks duck
Hafeez inches closer to double ton
Curry scores 40 to power Golden State over Miami
I am targeting a World Cup return: Harbhajan
Rare blow but cricket a dangerous game: Lara

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution