Rep­sol sells $1.3 bil­lion stake to Te­masek

The Pak Banker - - COMPANIES/BOSS -

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.

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