Repsol sells $1.3 billion stake to Temasek
Repsol SA, Spain's biggest oil company, sold its treasury shares to Singapore's Temasek Holdings Pte for 1 billion euros ($1.3 billion) to bolster its finances and protect its credit rating. Temasek, a state-owned investment company, bought the 5.04 percent stake for 16.01 euros a share, a 1.7 percent discount to the previous close, in Singapore's largest investment in Spain, Repsol said today in a filing. Repsol's 2.2 percent gain in Madrid made it the top performer on the MSCI EMU/Energy (MXEM0EN) index. The sale "solves any lingering doubts over the credit rating," Lydia Rainforth, an analyst at Barclays Capital in London, said in an e-mailed response to questions.