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:)
Whats happening ????
All the shares gone?
After Repsol's board approved the beginning of negotiations with Argentina on compensation for being stripped of its share in energy group YPF, Citi commented on Thursday that the "surprise" agreement leaves an investment opportunity. When the Argentine government seized the Spanish oil company's 51% stake in YPF last year, there were many who felt that Repsol would be left with nothing and Citi admitted that their base-case assumption at the beginning of this week was that it was unlikely to receive any compensation for the nationalisation, that arbitration was set to take six to 10 years and, even then, there would have questions about whether Argentina would honour any outcome. "The surprise for us in the past two days has Argentina's willingness to strike a deal," these experts said. "The government appears to be keener than we thought." In this context, Citi said that "we now believe YPF is worth something again" and upped its price target on Repsol to €23 from €21 and affirmed its buy rating. No official details on the deal have been given, but the Spanish press has set the compensation at $5bn (approximately £3.1bn) in Argentine 10-year bonds. Repsol originally requested $10.5bn for the loss of its investment.
should end dock........?
whats up ?
Anglo-Dutch oil mammoth Shell could be close to buying the liquefied natural gas (LNG) business of Spanish company Repsol. According to Spanish daily Cinco Dias, Respol is studying the possible sale of its LNG assets in Peru, Trinidad and Tobago, Canada and Spain for around €2.0bn, less than an initial estimate of €3.0bn. The paper's internet edition reported that Repsol's board will "probably approve" the divestment at its meeting scheduled for Wednesday January 30th. French company GDF Suez and Russian companies Gazprom and Novatek have also been named as parties interested in the assets. The sale would be part of Repsol's attempt to divest €4.5bn worth of assets before 2016 in an attempt to reduce its debt and keep its investment grade rating. However, analysts have expressed some doubts behind Shell's rationale for the deal. Peter Hutton of RBC Capital Markets was cited as saying by Reuters: "We find the logic of such a deal difficult from Shell's perspective. We would not expect it to show much interest in Repsol's stakes in either Atlantic LNG or Canaport, but there may be some synergy on Peru LNG."
Spanish oil group Repsol has reached an agreement with a Chilean consortium group of investors led by LarrainVial for the sale of subsidiary Repsol Butano Chile for approximately 540m dollars. The deal is expected to generate a net capital gain of more than $170m while reducing the group's debt by around $317m. "This transaction is part of the divestment of non-strategic assets included in Repsol's 2012-2016 Strategic Plan, which aims for up €4.5bn of divestment for the period. These divestments, which already amount to €1.85bn, together with other measures, aim to improve the financial structure of the group and to fund planned investments in exploration and production, the company's growth engine," Repsol explained in a press release. "The sale agreement for Repsol Butano Chile is the first divestment Repsol has carried out since the presentation of its new strategic plan. It is a new step in the divestment process of non-integrated downstream assets in Latin America, through which the company has raised nearly $1.75bn since 2007, including this operation which is expected to be completed on July 27 2012, subject to conditions common to this type of transactions."
ue 10 July 2012 11:16 A A A Repsol has sued its former Argentinean subsidiary YPF in New York for deliberately not satisfying Securities and Exchange Commission (SEC) requirements. The Spanish oil company filed a suit on July 5th and explained that due to the nationalisation of YPF by the Argentinean government, the new 51% owner, it is required to file a 13-D form with the SEC. The form would specify Argentina's stake in the publicly traded company, its future plans, and the dividend policy. The new management team admitted to the SEC that it does not meet the requirements to continue trading on the New York Stock Exchange. YPF will hold a shareholder meeting on July 17th at which point a dividend policy should be approved. However, Argentina has not made any announcements regarding shareholder retribution plans. Repsol claims that the current situation is preventing investors from having the information needed to come up with a well-informed decision on how to vote in the meeting.
UBS has reduced its target price for Spanish oil firm Repsol from 18 euros to 16 euros, but has maintained its 'buy' rating on the stock, saying that whilst there is a 'winding path ahead', there still is 'worthwhile upside'. The broker said that it is not easy to invest in Repsol considering Spain's financial crisis, the Argentinian nationalisation of YPF, the potential destabilisation of its shareholder base and expected dilution. Nevertheless, UBS says that Repsol has an "attractive, high growth and self-funding portfolio". One of the negative factors, the dilution effect, appears to be well compensated with debt reduction, the broker said. The dividend should be sufficient to meet Sacyr's obligations and Caixabank is unlikely to crystallise capital losses. "We think realisation of the upside will require some normalisation of Spanish sovereign risk and piece-by-piece execution of the debt reduction le